Nebraska tax collections up in 1st month of new fiscal year
LINCOLN, Neb. (AP) — Nebraska state government has started its new fiscal year with higher-than-expected tax collections.
The Nebraska Department of Revenue announced Thursday that the state’s net tax receipts in July totaled $285 million, which is 4.9% above the official forecast of $271 million.
The department says net individual income and sales-and-use taxes were higher than projected, while net corporate income and miscellaneous taxes were lower than the state forecasts.
Nebraska ended its last fiscal year on June 30 with more revenue than expected after a stretch of tight budget years that forced lawmakers to cut programs and slow the growth of state spending.
The projections were set by the Nebraska Economic Forecasting Advisory Board. Lawmakers rely on the board’s estimates each year when setting or adjusting the state budget.