Nebraska ended fiscal year with more revenue than expected
LINCOLN, Neb. (AP) — Nebraska ended its fiscal year in much better financial shape than expected despite the coronavirus pandemic, according to new numbers released Thursday.
The Nebraska Department of Revenue reported net general fund tax collections of $5.959 billion during the fiscal year that began in June 2020 and ended last month. That’s 19.2% higher than the certified state forecast of $5.001 billion.
State officials reported higher-than-expected collections of sales-and-use taxes, individual and corporate income taxes, and miscellaneous taxes.
Tax collections beat projections for the month of June as well, with net receipts of $581 million, which was 22% higher than the official forecast of $476 million.
The forecast was set by the Nebraska Economic Forecasting Advisory Board, which estimates how much tax revenue the state will collect. The estimates are used by state lawmakers to determine how much money is available for legislation.