FOR IMMEDIATE RELEASE:
October 7, 2009
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700
GENERAL FUND RECEIPTS — SEPTEMBER, 2009
LINCOLN — September Gross Receipts: Tax Commissioner Doug Ewald reported Wednesday that gross General Fund receipts for September were $358 million, which is 9.0% below the certified forecast of $393 million.
| • Gross Sales and Use: | 3.7% below forecast |
| • Gross Individual Income: | 11.4% below forecast |
| • Gross Corporate Income: | 17.5% below forecast |
| • Gross Miscellaneous: | 10.2% below forecast |
September Tax Refunds: Tax refunds for September were $41 million, which is 12.3% above the certified forecast of $36 million.
September Net Receipts: Net receipts for September were $317 million, which is 11.2% below the certified forecast of $357 million.
| • Net Sales and Use: | 7.6% below forecast |
| • Net Individual Income: | 12.7% below forecast |
| • Net Corporate Income: | 16.8% below forecast |
| • Net Miscellaneous: | 10.2% below forecast |
Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2009-2010 were $819 million, which is 6.5% below the certified forecast of $876 million
| • Net Sales and Use: | 2.9% below forecast |
| • Net Individual Income: | 8.4% below forecast |
| • Net Corporate Income: | 10.0% below forecast |
| • Net Miscellaneous: | 10.1% below forecast |
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 23, 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 July 15, 2009.
Previous monthly press releases are found at 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 2009-2010
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
| July | $197,807,239 | $199,740,000 | (1,932,761) | (1.0%) | $197,807,239 | $199,740,000 | (1,932,761) | (1.0%) |
| August | 304,050,368 | 318,914,000 | (14,863,632) | (4.7) | 501,857,607 | 518,654,000 | (16,796,393) | (3.2) |
| September | 317,100,761 | 357,118,000 | (40,017,239) | (11.2) | 818,958,368 | 875,772,000 | (56,813,632) | (6.5) |
Comparison of Actual and
Projected General Fund Receipts by Tax Type
for September 2009
and Cumulative
Fiscal Year 2009-2010
| SEPTEMBER ACTUAL |
SEPTEMBER PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$138,422,053 |
$143,725,000 |
($5,302,947) |
(3.7%) |
$423,059,211 |
$435,105,000 |
($12,045,789) |
(2.8%) |
Ind. Income Tax |
162,181,391 |
183,139,000 |
(20,957,609) |
(11.4) |
413,922,444 |
448,803,000 |
(34,880,556) |
(7.8) |
Corp. Income Tax |
28,553,173 |
34,595,000 |
(6,041,827) |
(17.5) |
44,140,141 |
47,477,000 |
(3,336,859) |
(7.0) |
Misc. Taxes |
28,573,107 |
31,831,000 |
(3,257,893) |
(10.2) |
57,131,865 |
63,605,000 |
(6,473,135) |
(10.2) |
Total Gross |
$357,729,723 | $393,290,000 |
($35,560,277) |
(9.0%) |
$938,253,662 |
$994,990,00 |
($56,736,338) |
(5.7%) |
REFUNDS |
||||||||
Total Refunds |
$40,628,962 |
$36,172,000 |
4,456,962 |
12.3% |
$119,295,294 |
$119,218,000 |
$77,294 |
(0.1%) |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$105,200,167 |
$113,829,000 |
(8,628,833) |
(7.6%) |
$327,570,463 |
$337,290,000 |
($9,719,537) |
(2.9%) |
Ind. Income Tax |
156,862,504 |
179,670,000 |
(22,807,496) |
(12.7) |
397,320,135 |
433,877,000 |
(36,556,865) |
(8.4) |
Corp. Income Tax |
26,465,118 |
31,803,000 |
(5,337,882) |
(16.8) |
36,940,584 |
41,050,000 |
(4,109,416) |
(10.0) |
Misc. Taxes |
28,572,972 |
31,816,000 |
(3,243,028) |
(10.2) |
57,127,185 |
63,556,000 |
(6,428,815) |
(10.1) |
Total Net |
$317,100,761 | $357,118,000 |
($40,017,239) |
(11.2%) |
$818,958,368 |
$875,772,000 |
($56,813,632) |
(6.5%) |
*The projected amounts used in this comparison were set at the April 23, 2009 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on July 15, 2009.
