Strong state revenue continues to indicate a growing economy in Nebraska.
Tax Commissioner Kim Conroy points out the $327 million in net General Fund receipts for November came in 4% above the receipts in November of last year.
“So, I think that just goes along with what we are seeing is just a general strengthening of the economy or continuing to improve,” Conroy tells Nebraska Radio Network.
The Nebraska Department of Revenue reports net sales tax revenue came in nearly 9% above the forecast set in the summer. While net corporate income tax receipts spiked by more than 44%, individual income tax receipts barely moved, up only 1.5%.
Overall, the net General Fund receipts in November of $327 million is 4.9% above the certified forecast of $312 million.
Conroy notes that that number comes in above the forecast even after it was revised upward.
“And, those upward revisions were increasing, if I recall right, about $46 million in additional money coming in for this fiscal year,” Conroy says. “So, I think that kind of shows we’re right on track also with what the Forecasting Board was looking at back in October.”
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