The Department of Revenue released data on the state’s September tax receipts today and net receipts were nearly 10% above forecasts at $510-Million.
State Tax Commissioner Tony Fulton says the main reason for positive figure is clear.
“I don’t think there’s any question that this is the result of the Tax Cuts and Jobs Act that occurred at the federal level,” says Fulton. “We’re seeing the fruits of that bear out in our economy and therefore in our receipts to the treasury.”
Fulton also notes, perhaps as a direct result, more Nebraskans are working for higher wages.
“That’s all translating to into increased revenues to Nebraska’s treasury to the tune of 6% growth in sales tax and almost 11% growth in income tax,” he says.
While September’s numbers were good, there’s still reason to be vigilant.
Fulton say’s agriculture commodity prices are still low and the country’s ongoing trade dispute with China isn’t helping the matter.
Regarding the health of Nebraska’s economy in the near- future, Fulton recommends adopting a cautiously optimistic outlook.