FOR IMMEDIATE RELEASE:
March 11, 2013
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
402-471-5604
General Fund Receipts — February 2013
LINCOLN — February Gross Receipts: Tax Commissioner Doug Ewald reported Monday that gross General Fund receipts for February were $397 million, which is 0.2% below the certified forecast of $398 million.
• Gross Sales and Use: |
5.8% above forecast |
• Gross Individual Income: |
2.6% below forecast |
• Gross Corporate Income: |
0.9% below forecast |
• Gross Miscellaneous: |
25.6% below forecast |
February Tax Refunds: Tax refunds for February were $181 million, which is 2.0% above the certified forecast of $177 million.
February Net Receipts: Net receipts for February were $216 million, which is 2.1% below the certified forecast of $221 million.
• Net Sales and Use: |
4.8% above forecast |
• Net Individual Income: |
1.5% below forecast |
• Net Corporate Income: |
63.4% below forecast |
• Net Miscellaneous: |
25.6% below forecast |
Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2012-2013 were $2.4 billion, which is 3.8% above the certified forecast of $2.3 billion.
• Net Sales and Use: |
0.4% below forecast |
• Net Individual Income: |
6.9% above forecast |
• Net Corporate Income: |
16.6% above forecast |
• Net Miscellaneous: |
2.7% below forecast |
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 24, 2012. This forecast was adjusted for legislation passed in 2012, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 16, 2012. On February 28, 2013, the Nebraska Economic Forecasting Advisory Board met and revised the forecast for the current year upward by $110.9 million from the certified forecast. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are based on the forecast certified on July 16, 2012.
Previous monthly press releases are at www.revenue.ne.gov/research/gen_fund.html.
##
APPROVED:
Douglas A. Ewald
Tax Commissioner
TOTAL |
TOTAL PROJECTED NET RECEIPTS** |
DIFFERENCE | PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
July |
$221,623,977 |
$210,031,000 | $11,592,977 |
5.5 |
$221,623,977 |
$210,031,000 |
$11,592,977 |
5.5 |
August |
334,866,833 |
338,862,000 |
-3,995,167 |
-1.2 |
556,490,810 |
548,893,000 |
7,597,810 |
1.4 |
| September | 393,941,658 | 365,444,000 | 28,517,658 | 7.8 | 950,432,468 | 914,337,000 | 36,115,468 | 3.9 |
| October | 228,084,028 | 228,569,000 | -484,972 | -0.2 | 1,178,516,496 | 1,142,906,000 | 35,610,496 | 3.1 |
| November | 315,022,112 | 312,379,000 | 2,643,112 | 0.8 | 1,493,538,608 | 1,455,285,000 | 38,253,608 | 2.6 |
| December | 362,482,965 | 321,723,000 | 40,759,965 | 12.7 | 1,856,021,573 | 1,777,008,000 | 79,013,573 | 4.4 |
| January | 350,993,211 | 337,258,000 | 13,735,211 | 4.1 | 2,207,770,887 | 2,114,266,000 | 93,504,887 | 4.4 |
| February | 216,047,077 | 220,588,000 | -4,540,923 | -2.1 | 2,423,817,965 | 2,334,854,000 | 88,963,965 | 3.8 |
| FEBRUARY ACTUAL |
FEBRUARY PROJECTED** |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED** |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$151,603,717 |
$143,342,000 |
$8,261,717 | 5.8 |
$1,313,483,741 |
$1,284,118,000 |
$ 29,365,741 |
2.3 |
Ind. Income Tax |
226,064,240 |
232,050,000 |
-5,985,760 |
-2.6 |
1,388,509,412 |
1,318,175,000 |
70,334,412 |
5.3 |
Corp. Income Tax |
10,184,792 | 10,277,000 |
-92,208 |
-0.9 |
160,627,014 |
145,903,000 |
14,724,014 |
10.1 |
Misc. Taxes |
9,049,633 |
12,161,000 |
-3,111,367 | -25.6 |
100,739,266 |
103,633,000 |
-2,893,734 |
-2.8 |
Total Gross |
$396,902,382 | $397,830,000 | -$ 927,618 | -0.2 | $2,963,359,433 | $2,851,826,000 | $111,533,433 | 3.9 |
REFUNDS |
||||||||
Total Refunds |
$180,855,305 | $177,243,000 | $3,612,305 | 2.0 | $539,541,468 | $516,975,000 | $22,566,468 | 4.4 |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$109,601,945 |
$104,600,000 |
$5,001,945 |
4.8 | $ 991,934,578 |
$ 995,642,000 |
-$ 3,707,422 |
-0.4 |
Ind. Income Tax |
94,504,481 |
95,921,000 |
-1,416,519 |
-1.5 |
1,204,936,509 |
1,127,382,000 |
77,554,509 | 6.9 |
Corp. Income Tax |
2,897,799 |
7,912,000 |
-5,014,201 |
-63.4 |
126,243,336 |
108,300,000 |
17,943,336 |
16.6 |
Misc. Taxes |
9,042,853 |
12,154,000 |
-3,111,147 |
-25.6 |
100,703,541 |
103,525,000 |
-2,821,459 |
-2.7 |
Total Net |
$216,047,077 |
$220,588,000 |
-$4,540,923 |
-2.1 |
$2,423,817,965 |
$2,334,854,000 |
$88,963,965 |
3.8 |
**The projected amounts used in this comparison were set at the February 24, 2012 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 16, 2012.
