FOR IMMEDIATE RELEASE:
August 12, 2004
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
David Dearmont, Administrator
GENERAL FUND RECEIPTS — JULY 2004
State Tax Commissioner Mary Jane Egr reported Thursday that total gross General Fund receipts for the month of July, the first month of fiscal year 2004-05 were $218,649,5561. That is 1.5 percent above the projected amount of $215,345,000. For the month of July, Gross Individual Income and Corporate Income taxes lagged projections by 7.9 and 8.3 percent, respectively. Gross Sales and Use, and Miscellaneous taxes led projections by 4.0 and 12.3 percent, respectively.
Total refunds for the month of July were $29,675,847 which is 5.8 percent below the projected amount of $31,499,000.
Egr also said that net receipts were above projections for the month of July by $5,127,714. After refunds, total net receipts for the month were $188,973,714, or 2.8 percent above the projected amount of $183,846,000. For the month of July, net Sales and Use, and Miscellaneous taxes were above forecast by 4.7 and 12.4 percent, respectively. Net Individual Income and Corporate Income taxes were below the forecast by 5.3, and 6.1 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 27, 2004. This forecast was adjusted for legislation passed by the 2004 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst on July 13, 2004.
Mary Jane Egr
State Tax Commissioner
|Sales & Use Tax||$133,705,636||$128,593,000||$5,112,636||4.0|
|Ind Income Tax||48,902,135||53,099,000||(4,196,865)||(7.9)|
|Corp Income Tax||7,823,526||8,531,000||(707,474)||(8.3)|
|Sales & Use Tax||$109,447,634||$104,531,000||4,916,634||4.7|
|Ind Income Tax||45,255,756||47,767,000||(2,511,244)||(5.3)|
|Corp Income Tax||6,079,569||6,476,000||(396,431)||(6.1)|
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