FOR IMMEDIATE RELEASE:
November 9, 2012
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
402-471-5604
David Dearmont, Ph.D., Chief Economist
402-471-5700
GENERAL FUND RECEIPTS —OCTOBER 2012
LINCOLN — October Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for October were $273 million, which is 0.8% below the certified forecast of $275 million.
• Gross Sales and Use: |
2.3% below forecast |
• Gross Individual Income: |
5.6% above forecast |
• Gross Corporate Income: |
17.4% above forecast |
• Gross Miscellaneous: |
57.0% below forecast |
October Tax Refunds: Tax refunds for October were $45 million, which is 3.5% below the certified forecast of $46 million.
October Net Receipts: Net receipts for October were $228 million, which is 0.2% below the certified forecast of $229 million.
• Net Sales and Use: |
4.5% below forecast |
• Net Individual Income: |
5.3% above forecast |
• Net Corporate Income: |
69.8% above forecast |
• Net Miscellaneous: |
56.9% below forecast |
Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2012-2013 were $1.2 billion, which is 3.1% above the certified forecast of $1.1 billion.
• Net Sales and Use: |
0.1% above forecast |
• Net Individual Income: |
6.3% above forecast |
• Net Corporate Income: |
11.6% above forecast |
• Net Miscellaneous: |
8.0% below forecast |
The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board (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. On October 26, 2012, the Board met and revised the forecast for the current year upward by $57.9 million. By law, only downward revisions to the forecast are certified, so the comparisons made in this release are still based on the forecast certified on July 16, 2012.
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 |
$221,623,977 |
$210,031,000 | $11,592,977 |
5.5 |
$221,623,977 |
$210,031,000 |
$11,592,977 |
5.5 |
August |
334,866,833 |
338,862,000 |
-3,995,167 |
-1.2 |
556,490,810 |
548,893,000 |
7,597,810 |
1.4 |
| September | 393,941,658 | 365,444,000 | 28,517,658 | 7.8 | 950,432,468 | 914,337,000 | 36,115,468 | 3.9 |
| October | 228,084,028 | 228,569,000 | -484,972 | -0.2 | 1,178,516,496 | 1,142,906,000 | 35,610,496 | 3.1 |
| OCTOBER ACTUAL |
OCTOBER PROJECTED** |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED** |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$157,314,283 |
$161,015,000 |
-$3,700,717 | -2.3 |
$ 651,886,196 |
$ 638,946,000 |
$12,940,196 |
2.0 |
Ind. Income Tax |
91,588,857 |
86,699,000 |
4,889,857 |
5.6 |
586,712,920 |
553,588,000 |
33,124,920 |
6.0 |
Corp. Income Tax |
19,195,393 |
16,349,000 |
2,846,393 |
17.4 |
81,078,318 |
78,088,000 |
2,990,318 |
3.8 |
Misc. Taxes |
4,616,696 |
10,736,000 |
-6,119,304 | -57.0 |
58,034,102 |
63,182,000 |
-5,147,898 |
-8.1 |
Total Gross |
$272,715,229 | $274,799,000 | -$2,083,771 | -0.8 | $1,377,711,535 | $1,333,802,000 | $43,909,535 | 3.3 |
REFUNDS |
||||||||
Total Refunds |
$44,631,201 | $46,230,000 | -$1,598,799 | -3.5 | $199,195,039 | $190,897,000 | $8,298,039 | 4.3 |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$122,738,910 |
$128,576,000 |
-$5,837,090 |
-4.5 |
$ 495,334,428 |
$ 494,781,000 |
$ 553,428 |
0.1 |
Ind. Income Tax |
83,090,853 |
78,887,000 |
4,203,853 |
5.3 |
557,729,920 |
524,588,000 |
33,141,920 | 6.3 |
Corp. Income Tax |
17,638,052 |
10,385,000 |
7,253,052 |
69.8 |
67,423,494 |
60,428,000 |
6,995,494 |
11.6 |
Misc. Taxes |
4,616,214 |
10,721,000 |
-6,104,786 |
-56.9 |
58,028,654 |
63,108,000 |
-5,079,346 |
-8.0 |
Total Net |
$228,084,028 |
$228,569,000 |
-$ 484,972 |
-0.2 |
$1,178,516,496 |
$1,142,906,000 |
$35,610,496 |
3.1 |
*Totals may not add due to rounding.
**The 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.