FOR IMMEDIATE RELEASE:
March 8, 2001
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Research Administrator
402/471-5700
GENERAL FUND RECEIPTS — FEBRUARY 2001
State Tax Commissioner Mary Jane Egr reported Thursday that total gross General Fund receipts for the first eight months of fiscal year 2000-01 were $1,844,749,219. That is 0.7 percent above the projected amount of $1,831,873,000. Total gross receipts for the month of February 2001, were $242,441,412, below the projection of $249,450,000 by 2.8 percent. For the fiscal year to date, gross Individual Income, Corporate Income and Miscellaneous taxes were ahead of projections by 1.1, 0.8, and 4.6 percent, respectively.
Total refunds for the fiscal year to date are $298,940,030, which is 2.9 percent above the projected amount of $290,401,000.
Egr also said that net receipts were above projections for the first eight months of the fiscal year by $4,339,189. After refunds, total net receipts for fiscal year 2000-01 to date are $1,545,809,189, above the projected total of $1,541,470,000 by 0.3 percent. For the year to date, net General Fund receipts for Individual Income, Corporate Income, and Miscellaneous taxes were ahead of the forecast by 1.2, 3.5, and 4.7 percent, respectively.
Total net general fund revenue for the month of February was $167,462,962, or 5.2 percent below the projected amount of $176,672,000. Net tax receipts for the month of February were ahead of the forecast for Sales and Use, and Miscellaneous taxes by 19.4 and 3.5 percent, respectively. February net tax receipts for Individual and Corporate Income taxes were below projections by 14.5 and 57.7 percent, respectively.
As required by law, the comparisons are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 25, 2000. This forecast was adjusted for legislation passed by the 2000 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst.
APPROVED:
Mary Jane Egr
State Tax Commissioner
| TOTAL ACTUAL NET RECEIPTS |
TOTAL PROJECTED NET RECEIPTS |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL NET RECEIPTS |
CUMULATIVE PROJECTED NET RECEIPTS |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| July | $149,763,118 | $144,661,000 | $5,102,118 | 3.5 | $149,763,118 | $144,661,000 | $5,102,118 | 3.5 |
| August | 197,820,816 | 211,058,000 | (13,237,184) | (6.3) | 347,583,934 | 355,719,000 | (8,135,066) | (2.3) |
| September | 247,291,683 | 235,390,000 | 11,901,683 | 5.1 | 594,875,617 | 591,109,000 | 3,766,617 | 0.6 |
| October | 142,376,893 | 149,347,000 | (6,970,107) | (4.7) | 737,252,510 | 740,456,000 | (3,203,490) | (0.4) |
| November | 194,069,816 | 185,166,000 | 8,903,816 | 4.8 | 931,322,326 | 925,622,000 | 5,700,326 | 0.6 |
| December | 199,284,303 | 206,365,000 | (7,080,697) | (3.4) | 1,130,606,629 | 1,131,987,000 | (1,380,371) | (0.1) |
| January | 247,739,599 | 232,811,000 | 14,928,599 | 6.4 | 1,378,346,227 | 1,364,798,000 | 13,548,227 | 1.0 |
| February | 167,462,962 | 176,672,000 | (9,209,038) | (5.2) | 1,545,809,189 | 1,541,470,000 | 4,339,189 | 0.3 |
| FEBRUARY ACTUAL |
FEBRUARY PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $87,402,273 | $79,416,000 | $7,986,273 | 10.1 | $811,666,745 | $813,245,000 | ($1,578,255) | (0.2) |
| Ind Income Tax | 138,905,116 | 152,529,000 | (13,623,884) | (8.9) | 837,424,905 | 828,091,000 | 9,333,905 | 1.1 |
| Corp Income Tax | 4,283,063 | 6,181,000 | (1,897,937) | (30.7) | 98,961,981 | 98,131,000 | 830,981 | 0.8 |
| Misc Taxes | 11,850,960 | 11,324,000 | 526,960 | 4.7 | 96,695,589 | 92,405,000 | 4,290,589 | 4.6 |
| Total Gross | $242,441,412 | $249,450,000 | ($7,008,588) | (2.8) | $1,844,749,219 | $1,831,873,000 | $12,876,219 | 0.7 |
| REFUNDS | ||||||||
| Total Refunds | $74,978,450 | $72,778,000 | $2,200,450 | 3.0 | $298,940,030 | $290,401,000 | $8,539,030 | 2.9 |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $57,081,479 | $47,791,000 | $9,290,479 | 19.4 | $607,717,614 | $618,893,000 | ($11,175,386) | (1.8) |
| Ind Income Tax | 96,855,371 | 113,261,000 | (16,405,629) | (14.5) | 774,933,403 | 766,021,000 | 8,912,403 | 1.2 |
| Corp Income Tax | 1,820,521 | 4,305,000 | (2,484,479) | (57.7) | 66,830,236 | 64,552,000 | 2,278,236 | 3.5 |
| Misc Taxes | 11,705,590 | 11,315,000 | 390,590 | 3.5 | 96,327,935 | 92,001,000 | 4,326,935 | 4.7 |
| Total Net | $167,462,962 | $176,672,000 | ($9,209,038) | (5.2) | $1,545,809,189 | $1,541,470,000 | $4,339,189 | 0.3 |