FOR IMMEDIATE RELEASE:
February 10, 2012
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
402-471-5604
David Dearmont, Ph.D., Chief Economist
402-471-5700
GENERAL FUND RECEIPTS — JANUARY 2012
LINCOLN — January Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for January were $380 million, which is 5.8% above the certified forecast of $359 million.
| • Gross Sales and Use: | 3.3% above forecast |
| • Gross Individual Income: | 8.5% above forecast |
| • Gross Corporate Income: | 15.3% above forecast |
| • Gross Miscellaneous: | 1.1% above forecast |
January Tax Refunds: Tax refunds for January were $47 million, which is 9.3% below the certified forecast of $52 million.
January Net Receipts: Net receipts for January were $333 million, which is 8.3% above the certified forecast of $307 million.
| • Net Sales and Use: | 5.8% above forecast |
| • Net Individual Income: | 10.9% above forecast |
| • Net Corporate Income: | 22.1% above forecast |
| • Net Miscellaneous: | 1.1% above forecast |
Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2011-2012 were $2,057 million, which is 1.9% above the certified forecast of $2,019 million.
| • Net Sales and Use: | 1.0% above forecast |
| • Net Individual Income: | 1.8% above forecast |
| • Net Corporate Income: | 23.1% above forecast
|
| • Net Miscellaneous: | 7.7% below forecast |
The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on April 28, 2011. This forecast was adjusted for legislation passed in 2011, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 12, 2011. On October 27, the forecasting board met and revised the forecast for the current year upward by $51.9 million. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made on the basis of the forecast certified on July 12.
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 2011-2012*
TOTAL |
TOTAL PROJECTED NET RECEIPTS** |
DIFFERENCE | PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
July |
$200,410,336 |
$211,449,000 | -$11,038,665 |
-5.2 |
$200,410,336 |
$211,449,000 |
-$11,038,665 |
-5.2 |
August |
328,095,462 |
328,955,000 |
-859,538 |
-0.3 |
528,505,797 |
540,404,000 |
-11,898,203 |
-2.2 |
September |
352,198,248 |
348,138,000 |
4,060,248 |
1.2 |
880,704,046 |
888,542,000 |
-7,837,954 |
-0.9 |
October |
222,675,821 |
205,211,000 |
17,464,821 |
8.5 |
1,103,379,866 |
1,093,753,000 |
9,626,866 |
0.9 |
November |
304,541,302 |
310,425,000 |
-5,883,698 |
-1.9 |
1,407,921,169 |
1,404,178,000 |
3,743,169 |
0.3 |
December |
315,752,839 |
307,691,000 |
8,061,839 |
2.6 |
1,723,674,008 |
1,711,869,000 |
11,805,008 |
0.7 |
January |
332,895,309 |
307,342,000 |
25,553,309 |
8.3 |
2,056,569,317 |
2,019,211,000 |
37,358,317 |
1.9 |
Comparison of Actual and
Projected General Fund Receipts by Tax Type
for January 2012
and Cumulative
Fiscal Year 2011-2012*
| JANUARY ACTUAL |
JANUARY PROJECTED** |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED** |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$193,881,648 |
$187,634,000 |
$ 6,247,648 |
3.3 |
$1,108,879,207 |
$1,102,414,000 |
$ 6,465,207 |
0.6 |
Ind. Income Tax |
163,023,561 |
150,294,000 |
12,729,561 |
8.5 |
1,045,196,163 |
1,030,627,000 |
14,569,163 |
1.4 |
Corp. Income Tax |
12,310,204 |
10,677,000 |
1,633,204 |
15.3 |
123,487,015 |
121,411,000 |
2,076,015 |
1.7 |
Misc. Taxes |
10,626,008 |
10,509,000 |
117,008 |
1.1 |
95,318,292 |
103,356,000 |
-8,037,708 |
-7.8 |
Total Gross |
$379,841,421 | $359,113,000 | $20,728,421 | 5.8 | $2,372,880,677 | $2,357,809,000 | $15,071,677 | 0.6 |
REFUNDS |
||||||||
Total Refunds |
$46,946,112 | $51,771,000 | -$4,824,888 | -9.3 | $316,311,360 | $338,597,000 | -$22,285,640 | -6.6 |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$161,889,768 |
$153,064,000 |
$ 8,825,768 |
5.8 |
$ 868,174,492 |
$ 859,295,000 |
$ 8,879,492 |
1.0 |
Ind. Income Tax |
149,953,119 |
135,227,000 |
14,726,119 |
10.9 |
991,354,434 |
973,947,000 |
17,407,434 |
1.8 |
Corp. Income Tax |
10,430,823 |
8,546,000 |
1,884,823 |
22.1 |
101,732,068 |
82,663,000 |
19,069,068 |
23.1 |
Misc. Taxes |
10,621,600 |
10,504,000 |
117,600 |
1.1 |
95,308,323 |
103,303,000 |
-7,994,677 |
-7.7 |
Total Net |
$332,895,309 |
$307,342,000 |
$25,553,309 |
8.3 |
$2,056,569,317 |
$2,019,211,000 |
$37,358,317 |
1.9 |
*Totals may not add due to rounding.
**The projected amounts used in this comparison were set at the April 28, 2011 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 12, 2011.
