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State Revenue Exceeds All Projections For the Fiscal Year

Nebraska state revenue collected more revenue than expected in November and is also above projections for the current fiscal year. The state Department of Revenue says Nebraska received $482 million last month. That’s 21.6% higher than the certified forecast. The original forecast was set in August. The increase was driven largely by higher-than-expected net sale-and-use tax revenue and net individual income tax revenue. Net miscellaneous revenue came in higher than projected for the month as well, while net corporate income tax collections fell below estimates. The department also says the state has collected about $2.4 billion the current fiscal year that began on July 1. That’s 9.6% higher than the original forecast.