Gross General Fund receipts for January totaled $466 million, 6.6% above the forecast of $437 million.
Net receipts for January totaled $421 million, 11.1% above the forecast of $379 million. Net sales and use tax came in 2.2% above the forecast with individual income tax 18.8% above forecast, with net corporate income coming in 47.3% above the forecast.
Net General Fund receipts for fiscal year 2017-18 were $2.585 billion, 3.1% above the certified forecast of $2.508 billion.
Gov. Ricketts’ office issued a statement from the governor, cautioning against making too much of the report.
“While total receipts in January were ahead of forecast, Nebraskans should be careful not to read this as a sign of a long-range revenue turnaround. Federal tax reform, a one-time event, may continue to influence revenues in the short term. My team will be closely monitoring future tax receipts in the months following April filings for the 2017 tax year.”