FOR IMMEDIATE RELEASE:
February 10, 2011
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
(402) 471-5604
David Dearmont, Ph.D., Chief Economist
(402) 471-5700
GENERAL FUND RECEIPTS — January 2011
LINCOLN — January Gross Receipts: Tax Commissioner Doug Ewald reported Thursday that gross General Fund receipts for January were $348 million, which is 2.8% above the certified forecast of $338 million.
| • Gross Sales and Use: | 0.8% below forecast |
| • Gross Individual Income: | 9.9% above forecast |
| • Gross Corporate Income: | 16.7% below forecast |
| • Gross Miscellaneous: | 10.5% below forecast |
January Tax Refunds: Tax refunds for January were $58 million, which is 17.9% above the certified forecast of $49 million.
January Net Receipts: Net receipts for January were $290 million, which is 0.2% above the certified forecast of $289 million.
| • Net Sales and Use: | 2.8% below forecast |
| • Net Individual Income: | 6.7% above forecast |
| • Net Corporate Income: | 31.5% below forecast |
| • Net Miscellaneous: | 10.5% below forecast |
Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2010-2011 were $1,915 million, which is 0.8% above the certified forecast of $1,899 million.
| • Net Sales and Use: | 0.1% below forecast |
| • Net Individual Income: | 3.1% above forecast |
| • Net Corporate Income: | 16.7% below forecast
|
| • Net Miscellaneous: | 1.5% below forecast |
The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 26, 2010. This forecast was adjusted for legislation passed in 2010, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 15, 2010. The Board met on October 29, 2010 and revised the forecast for the current fiscal year downward by $58.2 million. Receipts in this forecast are compared to the forecast certified on November 10, 2010. .
Previous monthly press releases are 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 2010-2011*
TOTAL |
TOTAL PROJECTED NET RECEIPTS** |
DIFFERENCE | PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
July |
$179,591,989 |
$179,591,989 | 0 |
0.0 |
$179,591,989 |
$ 179,591,989 |
0 |
0.0 |
August |
321,595,200 |
321,595,200 |
0 |
0.0 |
501,187,189 |
501,187,189 |
0 |
0.0 |
| September | 340,792,100 | 340,792,100 | 0 | 0.0 | 841,979,289 | 841,979,289 | 0 | 0.0 |
| October | 191,162,664 | 191,162,664 | 0 | 0.0 | 1,033,141,952 | 1,033,141,952 | 0 | 0.0 |
| November | 294,317,381 | 285,861,000 | 8,456,381 | 3.0 | 1,327,459,333 | 1,319,003,000 | 8,456,333 | 0.6 |
| December | 297,308,646 | 290,516,000 | 6,792,646 | 2.3 | 1,624,767,980 | 1,609,519,000 | 15,248,980 | 0.9 |
| January | 289,870,265 | 289,210,000 | 660,265 | 0.2 | 1,914,638,244 | 1,898,729,000 | 15,909,244 | 0.8 |
Comparison of Actual and
Projected General Fund Receipts by Tax Type
for January 2011
and Cumulative
Fiscal Year 2010-2011*
| JANUARY ACTUAL |
JANUARY PROJECTED** |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED** |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$177,170,915 |
$178,543,000 |
-$ 1,372,085 |
-0.8 |
$1,046,578,618 |
$1,050,472,000 |
-$3,893,382 |
-0.4 |
Ind. Income Tax |
152,196,363 |
138,497,000 |
13,699,363 |
9.9 |
989,991,442 |
961,853,000 |
28,138,442 |
2.9 |
Corp. Income Tax |
8,480,398 |
10,182,000 |
-1,701,602 |
-16.7 |
104,118,291 |
112,405,000 |
-8,286,709 |
-7.4 |
Misc. Taxes |
10,003,143 |
11,180,000 |
-1,176,857 |
-10.5 |
113,309,934 |
115,003,000 |
-1,693,066 |
-1.5 |
Total Gross |
$347,850,819 | $338,402,000 | $ 9,448,819 | 2.8 | $2,253,998,284 | $2,239,731,000 | $14,267,284 | 0.6 |
REFUNDS |
||||||||
Total Refunds |
$57,980,555 | $49,192,000 | $8,788,555 | 17.9 | $339,360,040 | $341,002,000 | -$1,641,960 | -0.5 |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$140,732,120 |
$144,859,000 |
-$4,126,880 |
-2.8 |
$815,270,947 |
$816,043,000 |
-$ 772,053 |
-0.1 |
Ind. Income Tax |
133,749,348 |
125,307,000 |
8,442,348 |
6.7 |
936,590,968 |
908,280,000 |
28,310,968 |
3.1 |
Corp. Income Tax |
5,385,653 |
7,868,000 |
-2,482,347 |
-31.5 |
49,511,825 |
59,420,000 |
-9,908,175 |
-16.7 |
Misc. Taxes |
10,003,143 |
11,176,000 |
-1,172,857 |
-10.5 |
113,264,504 |
114,988,000 |
-1,723,496 |
-1.5 |
Total Net |
$289,870,265 |
$289,210,000 |
$ 660,265 |
0.2 |
$1,914,638,244 |
$1,898,729,000 |
$15,909,244 |
0.8 |
*Totals may not add due to rounding.
**The projected amounts used in this comparison were set at the October 29, 2010 meeting of the Nebraska Economic Forecasting Advisory Board and recertified on November 10, 2010.
