Tax collections beat expectations, says Nebraska Department of Revenue - Omaha.com
Published Thursday, October 10, 2013 at 11:20 am / Updated at 7:05 pm
Tax collections beat expectations, says Nebraska Department of Revenue

LINCOLN — Nebraska tax collections exceeded expectations by nearly $27 million last month, according to a new report.

The Nebraska Department of Revenue released figures Thursday showing that net tax receipts for September were 6.7 percent higher than projected.

“It's a good month for us, with individual income taxes leading the way,” state Tax Commissioner Doug Ewald said.

He said that tax withholding and estimated tax payments contributed to the increase.

For the first quarter of the fiscal year, which began July 1, net receipts topped expectations by 3.2 percent, or nearly $31 million.

Corporate income taxes had the strongest showing percentagewise.

Net corporate income taxes rolled in at 13.3 percent higher than forecast for the month and 14.9 percent higher for the quarter.

Individual income taxes did well on an actual dollar basis. September net receipts were $20 million, or 10.3 percent, above forecast and quarterly receipts were $21.5 million, or 4.6 percent higher.

Ewald noted the net tax receipts showed growth compared to the same time in 2012.

September net receipts were up 8.3 percent in 2013, compared with September 2012. Receipts for the quarter were 5.1 percent higher in 2013, compared with last year.

Ewald warned that a lengthy federal government shutdown could dampen state tax collections for October and make economic forecasting more difficult.

The new report compared actual tax collections with the certified forecast, which was based on projections made by an appointed economic panel on April 25.

Contact the writer: Martha Stoddard

martha.stoddard@owh.com    |   402-473-9583    |  

Martha covers the Nebraska Legislature, the governor, state agencies, and health, education and budget issues out of our Lincoln bureau.

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