Higher than expected state revenue receipts indicate Nebraska’s economy remains strong.
The Nebraska Department of Revenue reports that gross general fund receipts in September totaled $473 million, nearly 5% better than expected.
Strong individual and corporate income tax receipts paced the growth last month.
Gross individual income tax receipts came in 10.2% above the forecast. Gross corporate income tax receipts came in 7.9% above the forecast. The Forecasting Advisory Board nearly hit the nail on the head with its projection for sales and use taxes, which came in last month 0.1% below its forecast.
Tax refunds were lower than expected in September, making the net tax receipts appear even stronger.
State Tax Commissioner Doug Ewald says he’s pleased tax receipts are coming in stronger than expected and is very pleased forecasters got the sales tax receipts almost dead on.
“We hit that virtually right on the nose,” Ewald tells Nebraska Radio Network. “I’m confident in that number. I’m kind of excited about it, actually. If we’re hitting that number that means people are out there spending. That’s a good thing for the economy.”
Ewald points out receipts in September were 8% better than last September and that receipts so far this fiscal year are 5% ahead of the first three months of the prior fiscal year.