The Nebraska Department of Revenue reports that General Fund receipts for March came in above expectations on a gross basis, but fell short after refunds were factored in.
According to the report released April 15, gross General Fund receipts totaled $748 million for the month, which is 2.7 percent higher than the state’s forecast of $728 million. Strong performance in sales and use taxes and miscellaneous taxes helped offset weaker-than-expected individual and corporate income tax collections.
However, March tax refunds were significantly higher than projected. Refunds totaled $299 million, coming in 48.4 percent above the forecast. That increase weighed heavily on the state’s bottom line.
As a result, net General Fund receipts for March were $449 million, which is 14.8 percent below the expected $527 million.
Sales and use tax collections continued to show strength, finishing well above projections for both gross and net receipts. Meanwhile, individual income tax receipts fell sharply below expectations, and corporate income taxes also came in under forecast. Miscellaneous taxes posted strong gains.
For the fiscal year to date, Nebraska has collected about $4.92 billion in net General Fund revenue. That total is nearly 10 percent higher than the same period last year, but still 1.6 percent below the state’s forecast.
State officials note the current projections are based on the February forecast from the Nebraska Economic Forecasting Advisory Board, which was adjusted upward earlier this year.