FOR IMMEDIATE RELEASE:
October 9, 2008
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700
GENERAL FUND RECEIPTS — SEPTEMBER 2008
LINCOLN — Tax Commissioner Douglas Ewald reported Thursday that total gross General Fund receipts for the month of September were $410,286,425. That is 3.2 percent above the projected amount of $397,683,000. For the month of September, gross Individual Income, Corporate Income and Miscellaneous taxes were ahead of forecast by 2.8, 1.1 and 33.2 percent, respectively.
Total refunds for the month of September were $34,815,900 which is 2.6 percent above the projected amount of $33,926,000.
Ewald also said that net receipts were above projections for the month of September, the third month of fiscal year 2008-09, by $11,695,525. After refunds, total net receipts for the month were $375,452,525, or 3.2 percent above the projected amount of $363,757,000. For the month of September, net Individual Income and Miscellaneous taxes were ahead of projections by 2.2 and 33.8 percent, respectively.
Ewald also said that net receipts were ahead of projections for the first quarter of fiscal year 2008-09 by $24,534,420. After refunds, total net receipts for the fiscal year through September were $886,698,420, which is above the projected total of $862,164,000 by 2.8 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 2.5, 1.4, 4.8 and 14.9 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
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
July |
$191,496,1526 |
$203,026,000 |
(11,529,848) |
(5.7) |
$191,496,152 |
$203,026,000 |
(11,529,848) |
(5.7) |
August |
319,749,742 |
295,381,000 |
24,368,742 |
8.2 |
511,245,894 |
498,407,000 |
12,838,894 |
2.6 |
September |
375,452,525 |
363,757,000 |
11,695,525 |
3.2 |
886,698,420 |
862,164,000 |
24,534,420 |
2.8 |
| SEPTEMBER ACTUAL |
SEPTEMBER PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$144,599,156 |
$145,753,000 |
($1,153,844) |
(0.8) |
$440,848,428 |
$440,570,000 |
$278,428 |
0.1 |
Ind Income Tax |
188,825,086 |
183,668,000 |
5,157,086 |
2.8 |
444,173,861 |
430,381,000 |
13,792,861 |
3.2 |
Corp Income Tax |
44,344,286 |
43,870,000 |
474,286 |
1.1 |
61,732,505 |
60,509,000 |
1,223,505 |
2.0 |
Misc Taxes |
32,499,896 |
24,393,000 |
8,106,896 |
33.2 |
61,268,770 |
53,520,000 |
7,748,770 |
14.5 |
Total Gross |
$410,268,425 |
$397,683,000 |
$12,585,425 |
3.2 |
$1,008,023,564 |
$984,978,000 |
$23,045,564 |
2.3 |
| REFUNDS |
||||||||
Total Refunds |
$34,815,900 |
$33,926,000 |
$889,900 |
2.6 |
$121,325,144 |
$122,815,000 |
($1,489,856) |
(1.2) |
| NET RECEIPTS |
||||||||
Sales & Use Tax |
$116,072,069 |
$116,118,000 |
($45,931) |
(0.0) |
$342,229,748 |
$333,997,000 |
$8,232,748 |
2.5 |
Ind Income Tax |
185,116,774 |
181,175,000 |
3,941,774 |
2.2 |
426,136,651 |
420,365,000 |
5,771,651 |
1.4 |
Corp Income Tax |
41,789,223 |
42,190,000 |
(400,777) |
(0.9) |
57,144,888 |
54,545,000 |
2,599,888 |
4.8 |
Misc Taxes |
32,474,459 |
24,273,000 |
8,201,459 |
33.8 |
61,187,133 |
53,256,000 |
7,931,133 |
14.9 |
Total Net |
$375,452,525 |
$363,757,000 |
$11,695,525 |
3.2 |
$886,698,420 |
$862,164,000 |
$24,534,420 |
2.8 |
*The projected amounts used in this comparison were set at the February 22, 2008 meeting of the Nebraska Economic Forecasting Advisory Board.