State Revenue Still Strong In March; April Likely To Be Down

LINCOLN, Neb. (AP) – Nebraska state government had better-than-expected tax collections in March despite a surge in unemployment and widespread hardship caused by the coronavirus.

The state Dept of Revenue reports net tax collections of $380 million dollars, which is about $43.1-million or 12% higher than the projected forecast, but agency spokeswoman Lydia Brasch warns that the March numbers reflect the economy before the outbreak.

Governor Pete Ricketts offered a somewhat similar take on the March numbers during his daily coronavirus update news conference.

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The department says all 4 types of taxes – individual and corporate income, sales-and-use, and miscellaneous taxes – were all higher than projected in March.

Net individual income taxes came in at $163.4-million, up $12.6-million or 8.4%, with sales-and-use taxes up $11.9-million or 9.4% at $138.9-million.

Corporate income taxes were a whopping 45% or $14.4-million above projections at $47.9-million while miscellaneous taxes totaled $30-million, up $1.8-million or 6.5%.

Net tax collections for the fiscal year so far are also higher than the projection set by the state forecasting advisory board at $3.66-billion, about $296.6-million or 8.8% higher. The current fiscal year ends June 30.

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