FOR IMMEDIATE RELEASE:
August 10, 2012
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
402-471-5604
David Dearmont, Ph.D., Chief Economist
402-471-5700
GENERAL FUND RECEIPTS — JULY 2012
LINCOLN —July Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for July were $271 million, which is 3.8% above the certified forecast of $261 million.
• Gross Sales and Use: |
5.2% above forecast |
• Gross Individual Income: |
3.9% above forecast |
• Gross Corporate Income: |
0.6% below forecast |
• Gross Miscellaneous: |
12.8% below forecast |
July Tax Refunds: Tax refunds for July were $49 million, which is 3.4% below the certified forecast of $51 million.
July Net Receipts: Net receipts for July were $222 million, which is 5.5% above the certified forecast of $210 million.
• Net Sales and Use: |
3.8% above forecast |
• Net Individual Income: |
5.2% above forecast |
• Net Corporate Income: |
86.2% above forecast |
• Net Miscellaneous: |
12.6% below forecast |
The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 24, 2012. This forecast was adjusted for legislation passed in 2012, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 16, 2012.
Previous monthly press releases are at www.revenue.ne.gov/research/gen_fund.html.
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APPROVED:
Douglas A. Ewald
Tax Commissioner
| JULY ACTUAL |
JULY PROJECTED2 |
DIFFERENCE | PERCENT DIFFERENCE |
|
|---|---|---|---|---|
| GROSS RECEIPTS |
||||
Sales & Use Tax |
$171,381,603 |
$162,907,000 |
$8,474,603 |
5.2% |
Ind Income Tax |
77,896,173 |
74,980,000 |
2,916,173 |
3.9 |
Corp Income Tax |
11,868,734 |
11,943,000 |
-74,266 |
-0.6 |
Misc Taxes |
9,918,342 |
11,376,000 |
-1,457,658 |
-12.8 |
Total Gross |
$271,064,853 |
$261,205,000 |
$9,859,853 |
3.8% |
| REFUNDS |
||||
Total Refunds |
$49,440,875 |
$51,174,000 |
-$1,733,125 |
-3.4% |
| NET RECEIPTS |
||||
Sales & Use Tax |
$133,814,572 |
$128,887,000 |
$4,927,572 |
3.8% |
Ind Income Tax |
67,584,959 |
64,260,000 |
3,324,959 |
5.2 |
Corp Income Tax |
10,306,174 |
5,536,000 |
4,770,174 |
86.2 |
Misc Taxes |
9,918,272 |
11,348,000 |
-1,429,728 |
-12.6 |
Total Net |
$221,623,977 |
$210,031,000 |
$11,592,977 |
5.5% |
1Totals may not add due to rounding. 2The projected amounts used in this comparison were set at the February 24, 2012 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 16, 2012. |