FOR IMMEDIATE RELEASE:
August 11, 2003
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
David Dearmont, Administrator
GENERAL FUND RECEIPTS — JULY 2003
LINCOLN — State Tax Commissioner Mary Jane Egr reported Monday that total gross General Fund receipts for the first month of fiscal year 2003-04 were $199,702,243. That is 4.4 percent below the projected amount of $208,973,000. For the month of July, gross Sales and Use, and Individual Income taxes lagged projections by 4.4 and 13.2 percent, respectively. Gross Corporate Income and Miscellaneous taxes led projections by 8.1 and 16.7 percent, respectively.
Total refunds for the month of July were $28,905,804 which is 3.9 percent below the projected amount of $30,068,000.
Egr also said that net receipts were below projections for the month of July by $8,108,561. After refunds, total net receipts for the month were $170,796,439, or 4.5 percent below the projected amount of $178,905,000. For the month of July, net Sales and Use, and Individual Income taxes were below forecast by 5.7 and 14.7 percent, respectively. Net Corporate Income and Miscellaneous taxes were above the forecast by 72.8, and 16.7 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 25, 2003. This forecast was adjusted for legislation passed by the 2003 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst on July 15, 2003.
Mary Jane Egr
State Tax Commissioner
|Sales & Use Tax||$119,339,370||$124,845,000||($5,505,630)||(4.4)|
|Ind Income Tax||50,300,544||57,941,000||(7,640,456)||(13.2)|
|Corp Income Tax||6,190,101||5,728,000||462,101||8.1|
|Sales & Use Tax||$96,803,191||$102,610,000||($5,806,809)||(5.7)|
|Ind Income Tax||45,240,166||53,027,000||(7,786,834)||(14.7)|
|Corp Income Tax||4,916,580||2,846,000||2,070,580||72.8|
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