Nebraska state revenue jumps $55 million in current budget

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LINCOLN, Neb. (AP) -- Nebraska is expected to gain an additional $55 million in tax revenue based on newly approved estimates, but lawmakers still face some uncertainty in trying to balance their two-year state budget.

The Nebraska Economic Forecasting Advisory Board updated its projections Wednesday for state tax collections.

The board predicted the state will collect $4.53 billion in the current fiscal year, a $25 million increase over its previous projections. By law, that money will automatically go into the state's cash reserve.

The state is also expected to receive $4.705 billion in the next fiscal year, which is $30 million higher than earlier estimates.

However, the state could see a much larger $335 million revenue surge in the next fiscal year if lawmakers don't neutralize the effects of recent federal tax changes.