FOR IMMEDIATE RELEASE:
June 9, 2009
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700
GENERAL FUND RECEIPTS — May 2009
LINCOLN — May Gross Receipts: Tax Commissioner Doug Ewald reported Tuesday that gross General Fund receipts for May were $352 million, which is 2.8% above the recertified forecast of $342 million.
• Gross Sales and Use: |
2.7% below forecast |
• Gross Individual Income: |
1.3% below forecast |
• Gross Corporate Income: |
32.2% above forecast |
• Gross Miscellaneous: |
111.8% above forecast |
May Tax Refunds: Tax refunds for May were $56 million, which is 3.6% below the recertified forecast of $58 million.
May Net Receipts: Net receipts for May were $296 million, which is 4.1% above the recertified forecast of $284 million.
• Net Sales and Use: |
0.2% below forecast |
• Net Individual Income: |
2.9% below forecast |
• Net Corporate Income: |
54.9% above forecast |
• Net Miscellaneous: |
112.5% above forecast |
Fiscal Year Net Receipts: Net General Fund receipts for the first 11 months of fiscal year 2008-2009 were $3,039 million, which is 0.8% below the recertified forecast of $3,065 million.
• Net Sales and Use: |
0.5% below forecast |
• Net Individual Income: |
2.7% below forecast |
• Net Corporate Income: |
1.2% above forecast |
• Net Miscellaneous: |
10.1% above forecast |
The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on April 23, 2009. This forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on May 7, 2009. By law, downward revisions to a certified forecast are recertified, so the comparisons made in this release are based on the May 7, 2009 recertified forecast. This recertified forecast replaces the forecast based on the board’s February 27, 2009 forecast.
Previous monthly press releases are found at http://www.revenue.ne.gov/research/gen_fund.html.
##
APPROVED:
Douglas A. Ewald
Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
July |
$191,496,152 | $191,496,152 | (4) | 0.0% | $191,496,152 | $191,496,156 | (4) | 0.0% |
August |
319,749,742 | 319,749,744 | (2) | 0.0 | 511,245,894 | 511,245,900 | (6) | 0.0 |
September |
375,452,525 | 375,452,534 | (9) | 0.0 | 886,698,420 | 886,698,434 | (14) | 0.0 |
October |
200,955,909 | 200,955,905 | 4 | 0.0 | 1,087,654,328 | 1,087,654,339 | (10) | 0.0 |
November |
281,465,428 | 281,465,408 | 20 | 0.0 | 1,369,119,756 | 1,369,119,747 | 9 | 0.0 |
December |
308,512,538 | 308,512,539 | (1) | 0.0 | 1,677,632,295 | 1,677,632,286 | 9 | 0.0 |
January |
288,413,220 | 288,413,226 | (6) | 0.0 | 1,966,045,515 | 1,966,045,512 | 3 | 0.0 |
February |
214,768,866 | 214,768,867 | 0 | 0.0 | 2,180,814,381 | 2,180,814,378 | 3 | 0.0 |
March |
220,609,175 | 220,609,178 | (3) | 0.0 | 2,401,423,556 | 2,401,423,556 | 0 | 0.0 |
April |
341,880,290 | 379,021,000 | (37,140,710) | (9.8) | 2,743,303,846 | 2,780,444,000 | (37,140,154) | (1.3) |
May |
295,889,783 | 284,100,000 | 11,789,783 | 4.1 | 3,039,193,629 | 3,064,544,000 | (25,350,371) | (0.8) |
| MAY ACTUAL |
MAY PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$131,873,726 |
$135,478,000 |
($3,604,274) |
(2.7%) |
$1,566,905,482 |
$1,574,747,000 |
($7,841,517) |
(0.5%) |
Ind. Income Tax |
183,143,706 |
185,525,000 |
(2,381,294) |
(1.3) |
1,793,262,604 |
1,824,707,000 |
(31,444,396) |
(1.7) |
Corp. Income Tax |
12,799,443 |
9,684,000 |
3,115,443 |
32.2 |
223,538,685 |
223,094,000 |
444,685 |
0.2 |
Misc. Taxes |
23,877,989 |
11,275,000 |
12,602,989 |
111.8 |
207,609,941 |
188,585,000 |
19,024,941 |
10.1 |
Total Gross |
$351,694,864 | $341,962,000 |
$9,732,864 |
2.8% |
$3,791,316,712 |
$3,811,134,000 |
($19,817,288) |
(0.5%) |
REFUNDS |
||||||||
Total Refunds |
$55,805,081 |
$57,862,000 |
($2,056,919) |
(3.6%) |
$752,123,083 |
$746,590,000 |
$5,533,083 |
0.7% |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$101,995,286 |
$102,157,000 |
($161,714) |
(0.2%) |
$1,211,918,389 |
$1,217,907,000 |
($5,988,611) |
(0.5%) |
Ind. Income Tax |
158,440,993 |
163,232,000 |
(4,791,007) |
(2.9) |
1,446,141,147 |
1,486,735,000 |
(40,593,854) |
(2.7) |
Corp. Income Tax |
11,582,859 |
7,480,000 |
4,102,859 |
54.9 |
173,668,411 |
171,539,000 |
2,129,411 |
1.2 |
Misc. Taxes |
23,870,645 |
11,231,000 |
12,639,645 |
112.5 |
207,465,682 |
188,363,000 |
19,102,682 |
10.1 |
Total Net |
$295,889,783 | $284,100,000 |
$11,789,783 |
4.1 |
$3,039,193,629 |
$3,064,544,000 |
($25,350,371) |
(0.8%) |
*The projected amounts used in this comparison were set at the April 23, 2009 meeting of the Nebraska Economic Forecasting Advisory Board, and recertified on May 7, 2009. In the recertified forecast, previous months' forecasts were reset to actual values.