LINCOLN, Neb. (AP) — Nebraska ended its fiscal year in much better financial shape than expected despite the coronavirus pandemic.
The Nebraska Department of Revenue reports net general fund tax collections of $5.959 billion during the fiscal year that began in June 2020 and ended last month. That’s 19.2% higher than the certified state forecast of $5.001 billion.
State officials report higher-than-expected collections of sales-and-use taxes, individual and corporate income taxes, and miscellaneous taxes.
Tax collections beat projections for the month of June as well, with net receipts of $581 million, which was 22% higher than the official forecast of $476 million.
The forecast was set by the Nebraska Economic Forecasting Advisory Board, which estimates how much tax revenue the state will collect.