FOR IMMEDIATE RELEASE:
September 13, 2006
FOR INFORMATION CONTACT:
Mary J. Egr Edson, State Tax
Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — AUGUST 2006
LINCOLN -- State Tax Commissioner Mary J. Egr Edson reported Wednesday that total gross General Fund receipts for the month of August were $327,793,309. That is 1.6 percent above the projected amount of $322,2493,000. For the month of August, gross Individual Income tax was ahead of projections by 5.4 percent.
Total refunds for the month of August were $35,254,275 which is 0.6 percent below the projected amount of $35,452,000.
Egr Edson also said that net receipts were above projections for the month of August by $5,498,034. After refunds, total net receipts for the month were $292,539,034, or 1.9 percent above the projected amount of $287,041,000. For the month of August, net Individual Income tax was ahead of projections by 6.4 percent. Net Sales and Use, Corporate Income and Miscellaneous taxes were below forecast by 4.2, 4.8 and 1.3 percent, respectively.
Egr Edson also said that net receipts were ahead of projections for the first two months of fiscal year 2006-07 by $24,104,910. After refunds, total net receipts for the fiscal year through August were $505,524,910, which is above the projected total of $481,420,000 by 5.0 percent. For the fiscal year to date, net General Fund receipts for Sales and Use, Individual Income, Corporate Income and Miscellaneous taxes were above the forecast by 1.8, 7.9, 1.6 and 9.4 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 24, 2006. This forecast was adjusted for legislation passed by the 2006 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst on July 14, 2006.
APPROVED:
Mary J. Egr Edson
State Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
| July | $212,985,876 | $194,379,000 | 18,606,876 | 9.6 | $212,985,876 | $194,379,000 | 18,606,876 | 9.6 |
| August | 292,539,034 | 287,041,000 | 5,498,034 | 1.9 | 505,524,910 | 481,420,000 | 24,104,910 | 5.0 |
| AUGUST ACTUAL |
AUGUST PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $131,608,332 | $134,777,000 | ($3,168,668) | (2.4) | $278,862,496 | $278,119,000 | $743,496 | 0.3 |
| Ind Income Tax | 175,745,432 | 166,791,000 | 8,954,432 | 5.4 | 241,540,653 | 228,647,000 | 12,893,653 | 5.6 |
| Corp Income Tax | 6,296,123 | 6,579,000 | (282,877) | (4.3) | 18,221,326 | 18,698,000 | (476,674) | (2.5) |
| Misc Taxes | 14,143,21 | 14,347,000 | (203,579) | (1.4) | 31,128,784 | 28,465,000 | 2,663,784 | 9.4 |
| Total Gross | $327,793,309 | $322,493,000 | $5,300,309 | 1.6 | $569,753,259 | $553,928,000 | $15,825,259 | 2.9 |
| REFUNDS |
||||||||
| Total Refunds | $35,254,275 | $35,452,000 | ($197,725) | (0.6) | $64,228,349 | $72,509,000 | ($8,280,651) | (11.4) |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $100,138,02 | $104,544,000 | ($4,405,948) | (4.2) | $222,438,569 | $218,545,000 | $3,893,569 | 1.8 |
| Ind Income Tax | 173,206,244 | 162,851,000 | 10,355,244 | 6.4 | 236,022,074 | 218,719,000 | 17,303,074 | 7.9 |
| Corp Income Tax | 5,131,823 | 5,390,000 | (258,177) | (4.8) | 16,144,774 | 15,885,000 | 259,774 | 1.6 |
| Misc Taxes | 14,062,914 | 14,255,000 | (192,086) | (1.3) | 30,919,493 | 28,270,000 | 2,649,493 | 9.4 |
| Total Net | $292,539,034 | $287,041,000 | $5,498,034 | 1.9 | $505,524,910 | $481,420,000 | $24,104,910 | 5.0 |
*The projected amounts used in this comparison were set at the April 28, 2005 meeting of the Nebraska Economic Forecasting Advisory Board.