October Tax Revenue for Nebraska Misses Mark

November 15, 2018 - 12:37pm

Tax collections for Nebraska fell below expectations last month, with a net tax revenue coming roughly seven percent short of projections.

The Department of Revenue on Thursday reported $247 million net revenue for the month of October – a $20 million shortfall from the state’s projection of $267 million in revenue. For the fiscal year, Nebraska is still up just more than three percent from a $1.416 billion projection with $1.459 billion in net revenue.

Nebraska State Tax Commissioner Tony Fulton said he believes the missed revenue projection for the month of October doesn’t represent a downward trend for the coming months.

“I’ll be honest and say I don’t see a trend," Fulton said. "September we collected more than projected; October we collected a little bit less. Looking at the totality of the fiscal year, we have collected $43 million more than what the state was projecting. Are we trending up or are we trending down? It’s too early to tell.”

Revenue projections and net revenue for the state carry a heightened importance as lawmakers and Governor Pete Ricketts look to create a new state budget starting in January.



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