FOR IMMEDIATE RELEASE:
December 10, 2008
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700
GENERAL FUND RECEIPTS — NOVEMBER 2008
LINCOLN — Tax Commissioner Douglas Ewald reported Wednesday that total gross General Fund receipts for the month of November were $335,491,225. That is 6.0 percent above the projected amount of $316,592,000. For the month of November, gross Sales and Use, Individual Income and Corporate Income taxes were ahead of forecast by 7.1, 5.9 and 17.2 percent, respectively. Gross Miscellaneous taxes were below forecast by 8.1 percent.
Total refunds for the month of November were $54,025,797, which is 34.8 percent above the projected amount of $40,081,000.
Ewald also said that net receipts were above projections for the month of November by $4,954,428. After refunds, total net receipts for the month were 1.8 percent above projections. For the month of November, net Sales and Use, and Individual income taxes were ahead of projections by 7.1 and 2.6 percent, respectively. Net Corporate Income and Miscellaneous taxes were below forecast by 260.2 and 7.8 percent, respectively.
Ewald also said that net receipts were ahead of projections for the first five months of fiscal year 2008-09 by $27,142,756. After refunds, total net receipts for the fiscal year through November were 2.0 percent above projections. For the fiscal year to date, net General Fund receipts for Sales and Use, Individual Income and Miscellaneous taxes were above forecast by 2.0, 1.1 and 13.1 percent, respectively. Net Corporate Income taxes were below forecast by 1.2 percent.
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 Tax Commissioner and Legislative Fiscal Analyst on July 15, 2008. On October 31, the forecasting board met and revised the fiscal year 2008-09 forecast upward by $14.3 million dollars. By law, only downward revisions to the forecast are certified, so comparisons made in this release are based on the July 2008 certified forecast.
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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 |
October |
200,955,909 |
203,302,000 |
(2,346,091) |
(1.2) |
1,087,654,328 |
1,065,466,000 |
22,188,328 |
2.1 |
November |
281,465,428 |
276,511,000 |
4,954,428 |
1.8 |
1,369,119,756 |
1,341,977,000 |
27,142,756 |
2.0 |
| NOVEMBER ACTUAL |
NOVEMBER PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$129,012,752 | $120,450,000 |
$8,562,752 |
7.1 |
$718,780,253 |
$706,665,000 |
$12,115,253 |
1.7 |
Ind Income Tax |
186,759,283 |
176,276,000 |
10,483,283 |
5.9 |
704,240,088 |
682,439,000 |
21,801,088 |
3.2 |
Corp Income Tax |
6,775,952 |
5,783,000 |
992,952 |
17.2 |
81,543,862 |
78,922,000 |
2,621,862 |
3.3 |
Misc Taxes |
12,943,238 |
14,083,000 |
(1,139,762) |
(8.1) |
84,926,361 |
75,328,000 |
9,598,361 |
12.7 |
Total Gross |
$335,491,225 | $316,592,000 |
$18,899,225 |
6.0 |
$1,589,490,563 |
$1,543,352,000 |
$46,138,563 |
3.0 |
| REFUNDS |
||||||||
Total Refunds |
$54,025,797 |
$40,081,000 |
$13,944,797 |
34.8 |
$220,370,807 |
$201,376,000 |
$18,994,807 |
9.4 |
| NET RECEIPTS |
||||||||
Sales & Use Tax |
$97,996,989 |
$91,474,000 |
$6,522,989 |
7.1) |
$552,879,337 |
$541,902,000 |
$10,977,337 |
2.0 |
Ind Income Tax |
177,437,957 |
172,916,000 |
4,521,957 |
2.6 |
671,036,887 |
663,956,000 |
7,080,887 |
1.1 |
Corp Income Tax |
(6,912,639) |
(1,919,000) |
(4,993,639) |
(260.2) |
60,384,831 |
61,136,000 |
(751,169) |
(1.2) |
Misc Taxes |
12,943,121 |
14,040,000 |
(1,096,879) |
(7.8) |
84,818,700 |
74,983,000 |
9,835,700 |
13.1 |
Total Net |
$281,465,428 | $276,511,000 |
$4,954,428 |
1.8 |
$1,369,119,756 |
$1,341,977,000 |
$27,142,756 |
2.0 |
*The projected amounts used in this comparison were set at the February 22, 2008 meeting of the Nebraska Economic Forecasting Advisory Board.