(Neb)-Net Tax Revenue Short Of Projections In March
LINCOLN, Neb. (AP) - Net Nebraska state tax collections fell 9.5% below official projections last month after having been well above estimates the three previous months.
Net tax receipts in March were $306 million dollars, almost $31-million less than the October projections set by the state Economic Forecasting Advisory Board, but only $5-million under the board's revised February forecast
By law, only downward revisions to the forecast are recertified, so these comparisons are still based on the October forecast certified in November.
The biggest drop for the month came in corporate income taxes, which were $16.2-million or 35% under the earlier estimates. Sales and use taxes were $10.7-million or 8.7% under, individual income taxes 2.7% or $3.7-million below, and miscellaneous taxes missed estimates by $1.2-million or 4.1%.
Net tax receipts were nearly $84-million dollar above the October projections from December-February, so even with the down numbers in March revenue for the whole fiscal year so far are still $49.7-million or nearly 2% above the October projections.
Officials still aren't sure of the reasons for the big monthly shifts, especially the big drop in sales and use taxes in March.
Early payment of income taxes to take advantage of deductions ended by the new federal tax cut law were thought to have contributed to the earlier jump and may account for some of the drop in corporate and individual income taxes in March.
Governor Pete Ricketts says he's keeping a close eye on this month's receipts since final individual income taxes for 2017 are due next week. He sees the April numbers as a key measure of the state’s financial standing for the current fiscal year.
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