FOR IMMEDIATE RELEASE:
August 13, 2007
FOR INFORMATION CONTACT:
Douglas A. Ewald, State Tax Commissioner
David Dearmont, Administrator
GENERAL FUND RECEIPTS — JULY 2007
State Tax Commissioner Douglas Ewald reported Monday that total gross General Fund receipts for the month of July were $245,424,091. That is 0.0 percent above the projected amount of $245,408,000. For the month of July, gross Corporate Income taxes were ahead of forecast by 14.3 percent, and gross Sales and Use, Individual Income and Miscellaneous taxes were below forecast by 0.1, 1.7 and 0.5 percent, respectively.
Total refunds for the month of July were $40,773,464 which is 23.3 percent above the projected amount of $33,081,000.
Ewald also said that net receipts were below projections for the month of July, the first month of fiscal year 2007-08, by $7,676,374.
After refunds, total net receipts for the month were $204,650,626, or 3.6 percent below the projected amount of $212,327,000. For the month of July, net Sales and Use, Individual Income, Corporate Income and Miscellaneous taxes lagged projections by 5.1, 3.9 and 0.1 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 26, 2007. This forecast was adjusted for legislation passed by the 2007 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, 2007.
Douglas A. Ewald
State Tax Commissioner
|Sales & Use Tax||$148,664,006||$148,866,000||($201,994)||(0.1)|
|Ind Income Tax||68,931,942||70,110,000||(1,178,058)||(1.7)|
|Corp Income Tax||11,814,681||10,335,000||1,479,681||14.3|
|Sales & Use Tax||$115,151,344||$121,366,000||($6,214,656)||(5.1)|
|Ind Income Tax||64,067,453||66,649,000||(2,581,547)||(3.9)|
|Corp Income Tax||9,474,168||8,338,000||1,136,168||13.6|
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