FOR IMMEDIATE RELEASE:
February 10, 2010
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700
GENERAL FUND RECEIPTS — JANUARY, 2010
LINCOLN — January Gross Receipts: Tax Commissioner Doug Ewald reported Wednesday that gross General Fund receipts for January were $327 million, which is 0.9% below the recertified forecast of $330 million.
| • Gross Sales and Use: | 7.1% below forecast |
| • Gross Individual Income: | 5.6% above forecast |
| • Gross Corporate Income: | 34.7% above forecast |
| • Gross Miscellaneous: | 3.4% below forecast |
January Tax Refunds: Tax refunds for January were $47 million, which is 3.5% below the recertified forecast of $48 million.
January Net Receipts: Net receipts for January were $280 million, which is 0.4% below the recertified forecast of $282 million.
| • Net Sales and Use: | 8.1% below forecast |
| • Net Individual Income: | 4.9% above forecast |
| • Net Corporate Income: | 116.9% above forecast |
| • Net Miscellaneous: | 3.3% below forecast |
Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2009-2010 were $1,860 million, which is 1.8% below the recertified forecast of $1,895 million.
| • Net Sales and Use: | 1.8% below forecast |
| • Net Individual Income: | 1.4% below forecast |
| • Net Corporate Income: | 2.6% below forecast |
| • Net Miscellaneous: | 4.0% below forecast |
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 27, 2009. At this meeting, the Forecasting Board revised downward its forecast of General Fund revenue for FY2009-10 by $125.3 million. As required by law, the forecast was recertified, taking into account $37.4 million in cash fund transfers to the General Fund passed during the November special session of the Legislature. The adjusted Board forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on December 15, 2009. Receipts in this forecast are compared to the forecast recertified in December.
Previous monthly press releases are found at www.revenue.ne.gov/research/gen_fund.html.
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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 PROJECTED NET RECEIPTS* |
DIFFERENCE | PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
July |
$197,807,239 | $197,807,000 | 0 | 0.0% | $197,807,239 | $197,807,000 | 0 | 0.0% |
August |
304,152,215 | 304,152,000 | 0 | 0.0 | 501,959,454 | 501,959,000 | 0 | 0.0 |
September |
316,998,914 | 316,999,000 | 0 | 0.0 | 818,958,368 | 818,958,000 | 0 | 0.0 |
October |
193,978,280 | 193,978,000 | 0 | 0.0 | 1,012,936,649 | 1,012,936,000 | 0 | 0.0 |
November |
278,753,945 | 281,098,000 | (2,344,055) | (0.8) | 1,291,690,594 | 1,294,034,000 | (2,343,406) | (0.2) |
December |
288,185,977 | 318,957,000 | (30,771,023) | (9.6) | 1,579,876,570 | 1,612,991,000 | (33,114,430) | (2.1) |
| January | 280,299,871 | 281,544,000 | (1,244,129) | (0.4) | 1,860,176,441 | 1,894,535,000 | (34,358,559) | (1.8) |
Comparison of Actual and
Projected General Fund Receipts by Tax Type
for January 2010
and Cumulative
Fiscal Year 2009-2010
| JANUARY ACTUAL |
JANUARY PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$165,366,172 |
$177,990,000 |
($12,623,828) |
(7.1%) |
$1,003,653,138 |
$1,018,080,000 |
($14,426,862) |
(1.4%) |
Ind. Income Tax |
135,228,500 |
128,065,000 |
7,163,500 |
5.6 |
943,973,890 |
949,760,000 |
(5,786,110) |
(0.6) |
Corp. Income Tax |
11,851,373 |
8,799,000 |
3,052,373 |
34.7 |
106,434,333 |
103,941,000 |
2,493,333 |
2.4 |
Misc. Taxes |
14,663,735 |
15,175,000 |
(511,265) |
(3.4) |
124,227,998 |
129,522,000 |
(5,294,002) |
(4.1) |
Total Gross |
$327,109,780 | $330,030,000 | ($2,920,220) |
(0.9%) |
$2,178,289,359 |
$2,201,307,000 |
($23,017,641) |
(1.0%) |
REFUNDS |
||||||||
Total Refunds |
$46,809,909 |
$48,486,000 |
($1,676,091) |
(3.5%) |
$318,112,918 |
$306,769,000 |
$11,343,918 |
3.7% |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$133,975,413 |
$145,714,000 |
($11,738,587) |
(8.1%) |
$781,511,849 |
$795,973,000 |
($14,461,151) |
(1.8%) |
Ind. Income Tax |
121,845,697 |
116,149,000 |
5,696,697 |
4.9 |
886,596,089 |
899,453,000 |
(12,856,911) |
(1.4) |
Corp. Income Tax |
9,818,764 |
4,526,000 |
5,292,764 |
116.9 |
67,849,413 |
69,652,000 |
(1,802,587) |
(2.6) |
Misc. Taxes |
14,659,997 |
15,154,000 |
(494,003) |
(3.3) |
124,219,090 |
129,458,000 |
(5,238,910) |
(4.0) |
Total Net |
$280,299,871 | $281,544,000 |
($1,244,129) |
(0.4%) |
$1,860,176,441 |
$1,894,535,000 |
($34,358,559) |
(1.8%) |
*The projected amounts used in this comparison were set at the October 27, 2009 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on December 15, 2009.
