(Neb)-State Revenue Over Projections In March
LINCOLN, Neb. (AP) - The Nebraska Legislature and Governor Pete Ricketts finally got a little good news on the budget front Friday with the announcement that state tax revenue in March exceeded projections.
The state Dept of Revenue says net receipts for the month totaled $344 million dollars, about 3.5% or $12-million more than predicted in February by the Nebraska Economic Forecasting Advisory Board.
State Tax Commissioner Tony Fulton says the boost came from income taxes. Net individual income taxes totaled $153-million, $2.7-million or 1.8% more than expected, while corporate income taxes were $47.8-million or 34.5% over projections.
Net sales-and-use taxes, on the other hand, came in lower at $119-million, less than a million dollars and less than 1% under predictions. Miscellaneous taxes were down 9.4% or $2.4-million at $22.6-million.
Fulton says net tax collections for the current fiscal year are slightly above the revised projection issued by the Forecasting Board about 6 weeks ago. Gross receipts, though, are $10-million dollars or 2% under that projection.
The Forecasting Board numbers set the parameters for the Legislature in setting the state's next 2-year budget. The Appropriations Committee is currently preparing that spending plan for action near the end of this year's session in June.
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