FOR IMMEDIATE RELEASE:
August 10, 2011
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
402-471-5604
David Dearmont, Ph.D., Chief Economist
402-471-5700
GENERAL FUND RECEIPTS — JULY 2011
LINCOLN — July Gross Receipts. Tax Commissioner Doug Ewald reported Wednesday that gross General Fund receipts for July were $249 million, which is 2.4% below the certified forecast of $256 million.
| • Gross Sales and Use: | 0.3% below forecast |
| • Gross Individual Income: | 9.5% below forecast |
| • Gross Corporate Income: | 29.8% above forecast |
| • Gross Miscellaneous: | 5.8% below forecast |
July Tax Refunds. Tax refunds for July were $49 million, which is 10.9% above the certified forecast of $44 million.
July Net Receipts. Net receipts for July were $200 million, which is 5.2% below the certified forecast of $211 million.
| • Net Sales and Use: | 0.9% below forecast |
| • Net Individual Income: | 19.9% below forecast |
| • Net Corporate Income: | 115.6% above forecast |
| • Net Miscellaneous: | 5.7% below forecast |
The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on April 28, 2011. This forecast was adjusted for legislation passed in 2011, divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 12, 2011.
Previous monthly press releases are found at http://www.revenue.ne.gov/research/gen_fund.html.
##
APPROVED:
Douglas A. Ewald
Tax Commissioner
| JULY ACTUAL |
JULY PROJECTED2 |
DIFFERENCE | PERCENT DIFFERENCE |
|
|---|---|---|---|---|
| GROSS RECEIPTS |
||||
Sales & Use Tax |
$158,974,607 |
$159,469,000 |
-$ 494,393 |
-0.3% |
Ind Income Tax |
66,625,016 |
73,630,000 |
-7,004,984 |
-9.5 |
Corp Income Tax |
9,347,155 |
7,201,000 |
2,146,155 |
29.8 |
Misc Taxes |
14,476,543 |
15,362,000 |
-885,457 |
-5.8 |
Total Gross |
$249,423,321 |
$255,661,000 |
-$6,237,679 |
-2.4% |
| REFUNDS |
||||
Total Refunds |
$49,012,986 |
$44,212,000 |
$4,800,986 |
10.9% |
| NET RECEIPTS |
||||
Sales & Use Tax |
$125,102,222 |
$126,176,000 |
-$ 1,073,778 |
-0.9% |
Ind Income Tax |
53,160,797 |
66,370,000 |
-13,209,203 |
-19.9 |
Corp Income Tax |
7,671,410 |
3,558,000 |
4,113,410 |
115.6 |
Misc Taxes |
14,475,906 |
15,345,000 |
-869,094 |
-5.7 |
Total Net |
$200,410,336 |
$211,449,000 |
-$11,038,66 |
-5.2% |
1Totals may not add due to rounding. 2The projected amounts used in this comparison were set at the April 28, 2011 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 12, 2011. |