FOR IMMEDIATE RELEASE:
August 11, 2008
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700
GENERAL FUND RECEIPTS — JULY 2008
LINCOLN — Tax Commissioner Douglas Ewald reported Monday that total gross General Fund receipts for the month of July were $237,369,924. That is 1.9 percent below the projected amount of $242,074,000. For the month of July, gross Sales and Use, Individual Income and Corporate Income taxes were below forecast by 0.8, 3.4 and 23.0 percent, respectively.
Total refunds for the month of July were $45,873,772 which is 17.5 percent above the projected amount of $39,049,000.
Ewald also said that net receipts were below projections for the month of July, the first month of fiscal year 2008-09, by $11,529,848. After refunds, total net receipts for the month were $191,496,152, or 5.7 percent below the projected amount of $203,026,000. For the month of July, net Sales and Use, Individual Income and Corporate Income taxes lagged projections by 2.3, 14.7 and 9.0 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 22, 2008. This forecast was adjusted for legislation passed by the 2008 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, 2008.
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APPROVED:
Douglas A. Ewald
Tax Commissioner
| JULY ACTUAL |
JULY PROJECTED |
DIFFERENCE | PERCENT DIFFERENCE |
|
|---|---|---|---|---|
| GROSS RECEIPTS |
||||
Sales & Use Tax |
$150,672,443 |
$151,883,000 |
($1,210,557) |
(0.8) |
Ind Income Tax |
64,432,596 |
66,676,000 |
(2,243,404) |
(3.4) |
Corp Income Tax |
7,700,230 |
10,000,000 |
(2,299,770) |
(23.0) |
Misc Taxes |
14,564,655 |
13,516,000 |
1,048,655 |
7.8 |
Total Gross |
$237,369,924 |
$242,074,000 |
$242,074,000 |
(1.9) |
| REFUNDS |
||||
Total Refunds |
$45,873,772 |
$39,049,000 |
$6,824,772 |
17.5 |
| NET RECEIPTS |
||||
Sales & Use Tax |
$117,116,695 |
$119,886,000 |
($2,769,305) |
(2.3) |
Ind Income Tax |
53,101,308 |
62,274,000 |
(9,172,692) |
(14.7) |
Corp Income Tax |
6,768,068 |
7,438,000 |
(669,932) |
(9.0) |
Misc Taxes |
14,510,081 |
13,428,000 |
1,082,081 |
8.1 |
Total Net |
$191,496,152 |
$203,026,000 |
($11,529,848) |
(5.7) |