(Neb)-State Tax Revenue Below Estimates For FY 2017
LINCOLN, Neb. (AP) - It's official. Not only did Nebraska fall short of reaching net revenue projections in the fiscal year that ended June 30th, the state actually took in less money that it did the previous year.
Tax Commissioner Tony Fulton says Nebraska ended Fiscal 2016-17 with $4.266-billion dollars in net general fund tax revenue, $34.2-million less than projections and about $42-million less than in 2015-16.
The state revenue forecasting board had dropped its projections in April, but June's revenue total of $400-million was 5.9% or $25-million less than even the lower prediction.
Net individual income tax came in 16.6% or $34.8-million below projections to more than offset higher numbers for the other tax categories.
Net sales and uses taxes were 1% or $2.7-million above estimates with net corporate income taxes up 35.4% or $11.9-million higher than expected and miscellaneous taxes up $354,000 or 1.1%.
For the fiscal year, net individual income taxes were $2.2-billion or $60.2-million less than expected while sales and use taxes were $1.6-million under at $1.55-billion.
Corporate income taxes were $264.4-million, $24.4-million over projections, and miscellaneous taxes were $3.1-milllion higher at $228.1-million.
Governor Pete Ricketts issued a statement saying that he was continuing to work with agency directors to hold down spending while continuing to "closely monitor tax receipts to protect taxpayers."
He also says the "ongoing deterioration of tax revenues demonstrates the importance of the budget restraint exercised by the Legislature in sustaining my vetoes, which helped to re-establish a 3% minimum budget reserve."
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