FOR IMMEDIATE RELEASE:
April 10, 2009

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700

GENERAL FUND RECEIPTS — MARCH, 2009

LINCOLN — March Gross Receipts: Tax Commissioner Douglas Ewald reported Friday that gross receipts for March were $345 million, which is 3.5% below the recertified forecast of $357 million.

• Gross Sales and Use:
   4.6% below forecast
• Gross Individual Income:
   2.3% below forecast
• Gross Corporate Income:
   7.8% above forecast
• Gross Miscellaneous:
   3.2% above forecast

March Tax Refunds: Tax refunds for March were $124 million, which is 5.5% above the recertified forecast of $118 million.

March Net Receipts: Net receipts for March were $221 million, which is 7.9% below the recertified forecast of $239 million.

• Net Sales and Use:
   3.9% below forecast
• Net Individual Income:
 12.7% above forecast
• Net Corporate Income:
 14.6% below forecast
• Net Miscellaneous:
   3.7% above forecast

Fiscal Year Net Receipts: Net receipts for the first three quarters of fiscal year 2008-2009 were $2,401 million, which is 0.8% below the recertified forecast of $2,420 million.

• Net Sales and Use:
  0.4% below forecast
• Net Individual Income:
  0.6% above forecast
• Net Corporate Income:
  5.9% below forecast
• Net Miscellaneous:
  1.0% above forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 27, 2009. This forecast was divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on March 11, 2009. This recertified forecast replaces the original certified forecast, which was based on the forecasting board’s February 22, 2008 forecast, adjusted for legislation passed by the 2008 Legislature, and certified on July 15, 2008.
The February 2009 forecast resulted in a downward revision from the original certified forecast of $67 million. By law, downward revisions to a certified forecast are recertified, so the comparisons made in this release are made on the basis of the March 11, 2009 recertified forecast.

Previous monthly press releases are found at http://www.revenue.ne.gov/research/gen_fund.html.

##

APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2008-2009

 

TOTAL
ACTUAL NET
RECEIPTS

TOTAL
PROJECTED
NET RECEIPTS

DIFFERENCE

PERCENT
DIFFERENCE

CUMULATIVE
ACTUAL NET
RECEIPTS

CUMULATIVE
PROJECTED
NET RECEIPTS

CUMULATIVE
DIFFERENCE

CUMULATIVE
PERCENT
DIFFERENCE

July
$191,496,1526
$191,496,152
0
0.0%
$191,496,152
$191,496,152
0
0.0%
August
319,749,742
319,749,742
0
0.0
511,245,894
511,245,894
0
0.0
September
375,452,525
375,452,525
0
0.0
886,698,420
886,698,419
0
0.0
October
200,955,909
200,955,909
0
0.0
1,087,654,328
1,087,654,328
0
0.0
November
281,465,428
281,465,428
0
0.0
1,369,119,756
1,369,119,756
0
0.0
December
308,512,538
308,512,538
0
0.0
1,677,632,295
1,677,632,294
0
0.0
January
288,413,220
288,413,220
0
0.0
1,966,045,515
1,966,045,514
0
0.0
February
214,768,866
214,505,000
263,866
0.1
2,180,814,381
2,180,550,514
263,867
0.0
March
220,609,175
239,422,000
(18,812,825)
(7.9)
2,401,423,556
2,419,972,514
(18,548,958)
(0.8)

Comparison of Actual and Projected General Fund Receipts by Tax Type
for March 2009 and Cumulative Fiscal Year 2008-2009

MARCH
ACTUAL		 MARCH
PROJECTED*		 DIFFERENCE PERCENT
DIFFERENCE		 CUMULATIVE
ACTUAL		 CUMULATIVE
PROJECTED*		 CUMULATIVE
DIFFERENCE		 CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$125,196,139
$131,166,000
($5,969,861)
(4.6%)
$1,294,530,959
$1,301,370,000
($6,839,041)
(0.5%)
Ind. Income Tax
153,334,283
156,957,000
(3,622,717)
(2.3)
1,347,918,562
1,352,187,000
(4,268,438)
(0.3)
Corp. Income Tax
41,681,388
45,189,000
(3,507,612)
(7.8)
189,836,650
192,298,000
(2,461,350)
(1.3)
Misc. Taxes
24,481,871
23,716,000
765,871
3.2
151,748,146
150,692,000
1,056,146
0.7
Total Gross
 $344,693,680
$357,028,000
($12,334,320)
(3.5%)
$2,984,034,316
$2,996,547,000
($12,512,684)
(0.4%)
REFUNDS
Total Refunds
$124,084,505
$117,606,000
$6,478,505
5.5%
$582,610,760
$576,574,866
$6,035,894
1.0%
NET RECEIPTS
Sales & Use Tax
$93,407,483
$97,235,000
($3,827,517)
(3.9%)
$1,002,299,420
$1,006,619,000
($4,319,580)
(0.4%)
Ind. Income Tax
66,456,105
76,128,000
(9,671,895)
(12.7)
1,104,148,051
1,110,911,000
(6,762,949)
(0.6)
Corp. Income Tax
36,266,447
42,456,000
(6,189,553)
(14.6)
143,353,450
152,306,000
(8,952,550)
(5.9)
Misc. Taxes
24,479,140
23,603,000
876,140
3.7
151,622,635
150,136,000
1,486,635
1.0
Total Net
 $220,609,175
$239,422,000
($18,812,825)
(7.9%)
$2,401,423,55
$2,419,972,514
($18,548,958)

(0.8%)

*The projected amounts used in this comparison were set at the February 27, 2009 meeting of the Nebraska Economic Forecasting Advisory Board, and recertified on March 11, 2009. In the recertified forecast previous months' forecasts were reset to actual values.

March, 2009 Comparison

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