FOR IMMEDIATE RELEASE:
November 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 — OCTOBER 2011
LINCOLN — October Gross Receipts: Tax Commissioner Doug Ewald reported Thursday that gross General Fund receipts for October were $263 million, which is 3.2% above the certified forecast of $255 million.
| • Gross Sales and Use: | 0.2% above forecast |
| • Gross Individual Income: | 13.3% above forecast |
| • Gross Corporate Income: | 18.6% below forecast |
| • Gross Miscellaneous: | 9.4% above forecast |
October Tax Refunds: Tax refunds for October were $40 million, which is 18.7% below the certified forecast of $49 million.
October Net Receipts: Net receipts for October were $223 million, which is 8.5% above the certified forecast of $205 million.
| • Net Sales and Use: | 4.7% above forecast |
| • Net Individual Income: | 16.6% above forecast |
| • Net Corporate Income: | 1.5% below forecast |
| • Net Miscellaneous: | 9.5% above forecast |
Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2011-2012 were $1,103 million, which is 0.9% above the certified forecast of $1,094 million.
| • Net Sales and Use: | 1.0% below forecast |
| • Net Individual Income: | 0.4% above forecast |
| • Net Corporate Income: | 19.7% above forecast |
| • Net Miscellaneous: | 4.2% above 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. On October 27, the forecasting board met and revised the forecast for the current year upward by $51.9 million. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made on the basis of the forecast certified on July 12.
Previous monthly press releases are at www.revenue.ne.gov/research/gen_fund.html.
##
APPROVED:
Douglas A. Ewald
Tax Commissioner
TOTAL |
TOTAL PROJECTED NET RECEIPTS** |
DIFFERENCE | PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
July |
$200,410,336 |
$211,449,000 | -$11,038,665 |
-5.2 |
$200,410,336 |
$211,449,000 |
-$11,038,665 |
-5.2 |
August |
328,095,462 |
328,955,000 |
-859,538 |
-0.3 |
528,505,797 |
540,404,000 |
-11,898,203 |
-2.2 |
| September | 352,198,248 | 348,138,000 | 4,060,248 | 1.2 | 880,704,046 | 888,542,000 | -7,837,954 | -0.9 |
| October | 222,675,821 | 205,211,000 | 17,464,821 | 8.5 | 1,103,379,866 | 1,093,753,000 | 9,626,866 | 0.9 |
| OCTOBER ACTUAL |
OCTOBER PROJECTED** |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED** |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$155,306,861 |
$154,984,000 |
$ 322,861 |
0.2 |
$617,157,414 |
$618,786,000 |
-$1,628,586 |
-0.3 |
Ind. Income Tax |
84,551,216 |
74,616,000 |
9,935,216 |
13.3 |
533,094,085 |
524,354,000 |
8,740,085 |
1.7 |
Corp. Income Tax |
12,626,288 |
15,509,000 |
-2,882,712 |
-18.6 |
67,596,047 |
66,740,000 |
856,047 |
1.3 |
Misc. Taxes |
10,316,498 |
9,428,000 |
888,498 |
9.4 |
67,216,671 |
64,537,000 |
2,679,671 |
4.2 |
Total Gross |
$262,800,863 | $254,538,000 | $8,262,863 | 3.2 | $1,285,064,217 | $1,274,418,000 | $10,646,217 | 0.8 |
REFUNDS |
||||||||
Total Refunds |
$40,125,043 | $49,326,000 | -$9,200,957 | -18.7 | $181,684,350 | $180,663,000 | $1,021,350 | 0.6 |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$126,748,581 |
$121,064,000 |
$5,684,581 |
4.7 |
$476,119,294 |
$480,843,000 |
-$4,723,706 |
-1.0 |
Ind. Income Tax |
77,317,377 |
66,301,000 |
11,016,377 |
16.6 |
501,476,653 |
499,470,000 |
2,006,653 |
0.4 |
Corp. Income Tax |
8,293,532 |
8,423,000 |
-129,468 |
-1.5 |
58,571,057 |
48,943,000 |
9,628,057 |
19.7 |
Misc. Taxes |
10,316,331 |
9,424,000 |
892,331 |
9.5 |
67,212,863 |
64,497,000 |
2,715,863 |
4.2 |
Total Net |
$222,675,821 |
$205,211,000 |
$17,464,821 |
8.5 |
$1,103,379,866 |
$1,093,753,000 |
$9,626,866 |
0.9 |
*Totals may not add due to rounding.
**The 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.