May Tax Collections Far Higher Than Forecast

Nebraska government tax collections surged well above projections in May, with the state collecting $297 million more than expected. The Nebraska Department of Revenue on Tuesday reported net tax receipts $720 million, which was more than 70% higher than the official forecast of $423 million. The increase was driven by corporate income tax collections that were 375% above the certified state forecast and individual income tax collections that were 97% above the forecast. Net sales-and-use and miscellaneous tax receipts were 14.9% and 30.9% higher, respectively. Net tax collections have also been higher than expected during the current fiscal year, which ends this month.