Nebraska lowers outlook for state government tax collections
LINCOLN, Neb. (AP) — Nebraska state government won’t be getting as much tax revenue as expected over the next few years, based on new estimates that could force lawmakers to cut the budget.
The board that forecasts tax collections predicted Thursday that the state will receive $110 million less than previously expected between now and June 2021.
That translates to $69.2 million less in the emergency cash reserve and $39 million that lawmakers will have to cut from the budget or draw from cash accounts outside of the state’s general fund. They also could raise taxes, but that’s unlikely to happen.
Members of the Nebraska Economic Forecasting Advisory Board say Nebraska’s larger cities are faring well despite a skilled worker shortage and low unemployment, but the farm economy is struggling.