State revenue picked up in August, helping to offset a disappointing July.
State Tax Commissioner Douglas Ewald says gross general fund receipts for August totaled $377 million, a bit more than a percent above the forecast.
“We had a much higher target in the month of August than we did the month of July, to the tune of about $118 million,” Ewald says. “So, overall I view that as good news. A little unusual in maybe how we got there when you’re looking at the specific tax categories, but when you’re within a million dollars of hitting the target, that’s a pretty solid month.”
The Nebraska Department of Revenue reports [Download PDF] that gross General Fund receipts for August totaled $377 million, 1.1% above the forecast of $373 million. A surge in net corporate income tax paid in August pushed state revenue up. Tax receipts from corporations rose 283.2% above the forecast. Net individual income tax receipts came in 2.6% above the forecast. Nebraskans still don’t seem to be buying as much. Sales tax receipts fell 7.6% below the forecast.
The state bottom line would have looked even better if not for an increase in tax refunds. The department reports tax refunds in August totaled $49 million, 11.6% higher than forecast.
That brought net tax receipts in August down to $328 million, 0.3% below the forecast of $329 million. Still, the healthier bottom line in August picked up net General Fund receipts for the two-month-old fiscal year to $529 million, now 2.2% off of the $540 million forecast.