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Tax Collections In NE Skyrocket Past Projections

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Nebraska state tax collections soared far above projections in February, but the numbers are likely to come back down in the next few months. The Nebraska Department of Revenue reported net tax receipts last month of $449 million, which is 96% higher than the certified forecast of $229 million. The surge was driven by net corporate income tax collections that were nearly 602% higher than expected and individual income tax collections that were nearly 164% above projections. A department spokeswoman says part of the reason for the increase was the Internal Revenue Service’s tax season beginning later than usual, which led to a lower-than-usual number of refunds issued in February.