FOR IMMEDIATE RELEASE:
January 12, 2009
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700
GENERAL FUND RECEIPTS — DECEMBER, 2008
LINCOLN — December Gross Receipts: Tax Commissioner Douglas Ewald reported Monday that gross General Fund receipts for December were $351.3 million, which is below the forecast for the month by $20.3 million (5.5% below the forecasted amount of $371.6 million).
• Gross Sales and Use: |
8.9% below forecast |
• Gross Individual Income: |
9.4% below forecast |
• Gross Corporate Income: |
15.8% above forecast |
• Gross Miscellaneous: |
15.7% above forecast |
December Tax Refunds: Refunds for the month of December were $42.8 million, which is 10.6% below the forecasted amount of $47.9 million.
December Net Receipts: Net receipts for December were $308.5 million, which is below the forecast for the month by $15.2 million (4.7% below the forecasted amount of $323.7 million).
• Net Sales and Use: |
5.8% below forecast |
• Net Individual Income: |
8.3% below forecast |
• Net Corporate Income: |
6.3% above forecast |
• Net Miscellaneous: |
16.1% above forecast |
Fiscal Year Net Receipts: Fiscal year receipts were $1,677.6 million, which is above the forecast for the first half of the fiscal year 2008-2009 by $12 million (0.7% above the forecasted amount of $1,665.7 million).
• Net Sales and Use: |
0.6% below forecast |
• Net Individual Income: |
0.7% below forecast |
• Net Corporate Income: |
1.7% above forecast |
• Net Miscellaneous: |
13.5% above forecast |
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 22, 2008. This forecast was adjusted for legislation passed by the 2008 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 15, 2008. On October 31, 2008, the forecasting board met and revised the fiscal year 2008-2009 forecast upward by $14.3 million dollars (which is not reflected in the accompanying tables). By law, only downward revisions to the forecast are certified, so comparisons made in this release are made on the basis of the July 15, 2008 certified forecast.
##
APPROVED:
Douglas A. Ewald
Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
July |
$191,496,1526 |
$203,026,000 |
($11,529,848) |
(5.7%) |
$191,496,152 |
$203,026,000 |
(11,529,848) |
(5.7) |
August |
319,749,742 |
295,381,000 |
24,368,742 |
8.2 |
511,245,894 |
498,407,000 |
12,838,894 |
2.6 |
September |
375,452,525 |
363,757,000 |
11,695,525 |
3.2 |
886,698,420 |
862,164,000 |
24,534,420 |
2.8 |
October |
200,955,909 |
203,302,000 |
(2,346,091) |
(1.2) |
1,087,654,328 |
1,065,466,000 |
22,188,328 |
2.1 |
November |
281,465,428 |
276,511,000 |
4,954,428 |
1.8 |
1,369,119,756 |
1,341,977,000 |
27,142,756 |
2.0 |
December |
308,512,538 |
323,743,000 |
(15,230,462) |
(4.7) |
1,677,632,295 |
1,677,632,295 |
1,677,632,295 |
0.7 |
| DECEMBER ACTUAL |
DECEMBER PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$144,112,441 |
$158,150,000 |
($14,037,559) |
(8.9%) |
$862,892,694 |
$864,815,000 |
($1,922,306) |
(0.2%) |
Ind Income Tax |
144,016,367 |
158,877,000 |
(14,860,633) |
(9.4) |
848,256,455 |
841,316,000 |
6,940,455 |
0.8 |
Corp Income Tax |
49,039,691 |
42,346,000 |
6,693,691 |
15.8 |
130,583,553 |
121,268,000 |
9,315,553 |
7.7 |
Misc Taxes |
14,169,567 |
12,247,000 |
1,922,567 |
15.7 |
99,095,928 |
87,575,000 |
11,520,928 |
13.2 |
Total Gross |
$351,338,066 | $371,621,000 |
($20,282,934) |
(5.5%) |
$1,940,828,629 |
$1,914,973,000 |
$25,855,629 |
1.4% |
| REFUNDS |
||||||||
Total Refunds |
$42,825,527 |
$47,878,000 |
($5,052,473) |
(10.6%) |
$263,196,334 |
$249,254,000 |
$13,942,334 |
5.6% |
| NET RECEIPTS |
||||||||
Sales & Use Tax |
$114,133,434 |
$121,138,000 |
($7,004,566) |
(5.8%) |
$667,012,772 |
$663,040,000 |
$3,972,772 |
0.6% |
Ind Income Tax |
139,682,677 |
152,279,000 |
(12,596,323) |
(8.3) |
810,719,564 |
816,235,000 |
(5,515,436) |
(0.7) |
Corp Income Tax |
40,528,318 |
38,123,000 |
2,405,318 |
6.3 |
100,913,149 |
99,259,000 |
1,654,149 |
1.7 |
Misc Taxes |
14,168,109 |
12,203,000 |
1,965,109 |
16.1 |
98,986,810 |
87,186,000 |
11,800,810 |
13.5 |
Total Net |
$308,512,538 | $323,743,000 |
($15,230,462) |
(4.7%) |
$1,677,632,295 |
$1,665,720,000 |
$11,912,295 |
0.7% |
*The projected amounts used in this comparison were set at the February 22, 2008 meeting of the Nebraska Economic Forecasting Advisory Board.