Nebraska’s General Fund took in less money than expected in August.
It is the fifth month in a row that expected tax receipts missed the mark, which means March was the last time anticipated tax revenue met or exceeded the forecast amount.
Since then, receipts have come in – on average – about 5% below what the Nebraska Economic Forecasting Advisory Board set in April.
Last month, Gross Corporate Income revenue was off 24.4%, while Gross Miscellaneous receipts were off 17.5%.
The fiscal year’s Net General Fund receipts are 2.6% below the certified forecast set in the spring.
August Gross Receipts from the Nebraska Department of Revenue:
• Gross Sales and Use: 2.3% below forecast
• Gross Individual Income: 2.2% below forecast
• Gross Corporate Income: 24.4% below forecast
• Gross Miscellaneous: 17.5% below forecast
August Net Receipts:
• Net Sales and Use: 0.5% below forecast
• Net Individual Income: 3.2% below forecast
• Net Corporate Income: 15.9% above forecast
• Net Miscellaneous: 17.5% below forecast
Fiscal Year Net Receipts:
• Net Sales and Use: 1.3% below forecast
• Net Individual Income: 3.7% below forecast
• Net Corporate Income: 7.6% above forecast
• Net Miscellaneous: 6.0% below forecast