Nebraska Tax Collections Topped Projections Last Fiscal Year
LINCOLN, Neb. (AP) — Nebraska state government collected more tax revenue than expected during the fiscal year that ended last month.
The Nebraska Department of Revenue reported Monday that net tax receipts for the year totaled $4.896 billion, which was 3.7% above the official state forecast of $4.72 billion.
The department says net individual and corporate income taxes were higher than expected, as were net sales-and-use and miscellaneous taxes.
Net tax receipts were also higher than projected in June, the last month of the fiscal year.
The projections were set by the Nebraska Economic Forecasting Advisory Board in February. Lawmakers rely on the board's estimates each year when setting or adjusting the state budget.