ADVERTISEMENT

Nebraska tax receipts higher than expected in June

July 15, 2020 GMT

LINCOLN, Neb. (AP) — Nebraska state government collected more tax revenue than expected in June and ended its fiscal year with about as much money as expected, officials said Wednesday.

The Nebraska Department of Revenue said it received $509 million in net tax revenue last month, about 3.3% more than the $493 million that had been projected.

For the fiscal year that ended in June 30, the state collected a net total of $4.94 billion, which is slightly higher than the $4.93 billion that had been projected.

The estimates of state revenue are from April 2019, well before the coronavirus pandemic triggered widespread layoffs and stoked fears about the global economy.

ADVERTISEMENT

In February, members of the Nebraska Economic Forecasting Advisory Board voiced worries about the global economy but said they were a bit more optimistic about Nebraska’s position. Nebraska has one of the nation’s lowest unemployment rates, despite the pandemic.

Sales-and-use, miscellaneous and individual income tax revenue came in higher than expected in June compared to 2019, but corporate income tax revenue was lower.