Nebraska tax collections beat expectations in December
Nebraska state government’s tax collections beat expectations once again last month, according to a new report released Wednesday.
The Department of Revenue said the state netted $473 million in tax revenue in December. That’s more than 12% higher than the state’s certified forecast of $421 million.
The boost was driven by net sales-and-use and corporate income taxes that were far higher than the state’s estimates. Net individual income and miscellaneous taxes came in below projections.
Net tax collections are also higher than expected in the current fiscal year, which ends June 30. The state has collected $2.49 billion so far, up from the projected $2.3 billion.
The estimates are set by the Nebraska Economic Forecasting Advisory Board.
The announcement coincided with Gov. Pete Ricketts’ State of the State address to lawmakers. In a statement, Ricketts said the uptick reflects Nebraska’s strong growth.
“I will continue to work with the Legislature to control spending so we can deliver additional property tax relief for Nebraska’s farmers, ranchers, homeowners and businesses this legislative session,” Ricketts said.