Nebraska tax collections beat expectations in April
Nebraska collected more tax revenue than projected in April and is still well ahead of expectations for the current fiscal year, according to new numbers released Friday.
By News Channel NebraskaLINCOLN, Neb. (AP) — Nebraska collected more tax revenue than projected in April and is still well ahead of expectations for the current fiscal year, according to new numbers released Friday.
The state Department of Revenue reported net April tax receipts of $939 million, which is 66.7% above the official state forecast of $563 million. The numbers are often higher in April as taxpayers file their returns.
Net sales-and-use taxes were slightly below the forecast, while net indivdual and corporate incomes taxes and net miscellaneous taxes all came in higher than predicted.
Nebraska has collected $5.153 billion in the current fiscal year that ends on June 30. That’s 11.1% above the official forecast of $4.637 billion.
The projections were set by the Nebraska Economic Forecasting Advisory Board at its last meeting in February. Nebraska lawmakers and governors use the projections to determine how much tax money they have at their disposal.