Nebraska winds up ending the fiscal year with more tax revenue than expected.
The latest state revenue figures show net tax receipts of nearly $4.6 billion, up 1.4 percent above the certified forecast. State Tax Commissioner, Tony Fulton, points to the increase in individual income tax revenue for the state this fiscal year.
“More workers are earning more money,” says Fulton, “We have a record number of Nebraskans who are working and their wages are comparatively higher in this (fiscal) year.”
However Fulton warns that Nebraska’s ag economy continues to have challenges, offering some potential headwinds ahead.
“I also watch grain prices pretty closely,” says Fulton, “Corn and Soybeans are well below four dollars a bushel. That’s something we have to be attentive too also.”
Earlier state revenue shortfalls forced Nebraska lawmakers to cut the state budget during this year’s legislative session.