FOR IMMEDIATE RELEASE:
September 10, 2010
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
(402) 471-5604
David Dearmont, Ph.D., Chief Economist
(402) 471-5700
GENERAL FUND RECEIPTS — AUGUST 2010
LINCOLN — August Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for August were $362 million, which is 2.1% above the certified forecast of $355 million.
| • Gross Sales and Use: | 1.5% above forecast |
| • Gross Individual Income: | 0.2% above forecast |
| • Gross Corporate Income: | 66.2% above forecast |
| • Gross Miscellaneous: | 12.9% above forecast |
August Tax Refunds: Tax refunds for August were $41 million, which is 2.6% below the certified forecast of $42 million.
August Net Receipts: Net receipts for August were $322 million, which is 2.7% above the certified forecast of $313 million.
| • Net Sales and Use: | 0.6% above forecast |
| • Net Individual Income: | 0.2% above forecast |
| • Net Corporate Income: | 825.4% above forecast |
| • Net Miscellaneous: | 12.9% above forecast |
Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2010-2011 were $501 million, which is 2.0% below the certified forecast of $512 million.
| • Net Sales and Use: | 0.7% below forecast |
| • Net Individual Income: | 0.7% below forecast |
| • Net Corporate Income: | 302.4% below forecast |
| • Net Miscellaneous: | 16.4% above forecast |
The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 26, 2010. This forecast was adjusted for legislation passed in 2010, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 15, 2010.
Previous monthly press releases are found at www.revenue.ne.gov/research/gen_fund.html.
##
APPROVED:
Douglas A. Ewald
Tax Commissioner
DEPARTMENT OF REVENUE
Policy
Division
Comparison of Actual and Projected General Fund Receipts for Fiscal
Year 2010-2011*
TOTAL |
TOTAL PROJECTED NET RECEIPTS** |
DIFFERENCE | PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
July |
$179,591,989 |
$198,645,000 |
-19,053,011 |
-9.6 |
$179,591,989 |
$198,645,000 |
-19,053,011 |
-9.6 |
August |
321,595,200 |
313,026,000 |
8,569,200 |
2.7 |
501,187,189 |
511,671,000 |
-10,483,811 |
-2.0 |
Comparison of Actual and
Projected General Fund Receipts by Tax Type
for August 2010
and Cumulative
Fiscal Year 2010-2011*
| August ACTUAL |
August PROJECTED** |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED** |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$146,793,003 |
$144,600,000 |
$2,193,003 |
1.5 |
$296,190,729 |
$300,444,000 |
-$4,253,271 |
-1.4 |
Ind. Income Tax |
193,613,301 |
193,190,000 |
423,301 |
0.2 |
259,968,589 |
263,109,000 |
-3,140,411 |
-1.2 |
Corp. Income Tax |
8,364,104 |
5,033,000 |
3,331,104 |
66.2 |
15,830,318 |
11,604,000 |
4,226,318 |
36.4 |
Misc. Taxes |
13,602,364 |
12,050,000 |
1,552,364 |
12.9 |
26,555,957 |
22,828,000 |
3,727,957 |
16.3 |
Total Gross |
$362,372,772 | $354,874,000 | $7,498,772 | 2.1 | $598,545,593 | $597,986,000 | $559,593 | 0.1 |
REFUNDS |
||||||||
Total Refunds |
$40,777,572 | $41,847,000 | -$1,069,428 | -2.6 | $97,358,404 | $86,314,000 | $11,044,404 | 12.8 |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$111,817,305 |
$111,127,000 |
$690,305 |
0.6 |
$232,727,421 |
$234,455,000 |
$1,727,579 |
-0.7 |
Ind. Income Tax |
189,608,675 |
189,144,000 |
464,675 |
0.2 |
249,168,316 |
250,816,000 |
-1,647,684 |
-0.7 |
Corp. Income Tax |
6,570,465 |
710,000 |
5,860,465 |
825.4 |
-7,260,820 |
3,587,000 |
-10,847,820 |
-302.4 |
Misc. Taxes |
13,598,755 |
12,045,000 |
1,553,755 |
12.9 |
26,552,272 |
22,813,000 |
3,739,272 |
16.4 |
Total Net |
$321,595,200 |
$313,026,000 |
$8,569,200 |
2.7 |
$501,187,189 |
$511,671,000 |
-$10,483,811 |
-2.0 |
*Totals may not add due to rounding.
**The projected amounts used in this comparison were set at the February 26, 2010 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on July 15, 2010.
