State Tax Receipts Came In Just Below Recent Projections

LINCOLN–(KFOR/Nebraska Examiner July 16)–At the end of the 2023-24 fiscal year, Nebraska’s tax receipts came in at 0.1% below the most recent projections.

In the past year, the state of Nebraska collected just over $7.1-billion for the state’s general fund. The general fund tax receipts include net sales and use taxes, individual income taxes, corporate income taxes and miscellaneous taxes.

The Nebraska Examiner reports that Governor Jim Pillen indicated the receipts give momentum toward his push to offset local property taxes, which will be aided through more state spending cuts. A special session to handle property tax relief is set to start July 25.

Lincoln State Senator Danielle Conrad said there’s more to the story when it comes to corporate income and individual income the last few months, largely due to legislation last year that changed how corporations handle their taxes.

Fiscal analysts “woefully underestimated” how many people would use those changes, Conrad said, leading to large percentage differences between projected and actual receipts:

• 858.8% more corporate income receipts for May.
• 231.7% less individual income receipts for April.
• 1,206.35% more individual income receipts and 248.3% more corporate income receipts for March.