Lincoln, Neb. The Nebraska Department of Revenue says net tax collections in November were nearly 5 percent higher than projected.
A report released Tuesday says net tax receipts for the month totaled $327 million, up from the $312 million in Nebraska's certified forecast.
The report says net individual, corporate, sales-and-use and miscellaneous taxes all came in above projections. The net corporate tax was more than 44 percent higher than the state's official estimates.
The comparisons were based on the Nebraska Economic Forecasting Advisory Board's April forecast. The forecast was adjusted for legislation passed in 2013 and divided into monthly estimates.
10/11 spoke with Tax Commissioner Kim Conroy who said as of now the state has collected $47.7 million more than projected.
By law Conroy said at the end of the fiscal year anything money collected that's more than projected goes into the cash reserve fund.
Based upon the Governor’s 2013-2015 recommendations, which include a transfer of up to $47 million from the Cash Reserve Fund to the Nebraska Capital Construction Fund to finance the State’s cost share for construction of a new Central Nebraska Veterans’ Home, and then have that money replaced, the projected ending balance for the Cash Reserve Fund is $442 million.
Conroy said the reason for the excess money collected so far is continued improvement in the economy, especially the national economy. Conroy said an improving economy leads to consumer confidence, which is good this time of year.
She added Nebraska's unemployment rate is at 3.9 percent. The US Bureau of Labor Statistics said the national unemployment rate for November was 7 percent compared to 7.3 percent in October and 7.9 percent in January of 2013.