October’s state General Fund receipts met projections. That follows a meeting two weeks ago when the Nebraska Economic Forecasting Advisory Board upped the state’s revenue expectations by $475 million.
Sarah Curry is the Policy Director at the Platte Institute and says, “We are collecting well ahead of expectations. When you just look at last year, which October 2020 we were in the middle of the pandemic and the shut-downs were happening again, we are still 5% ahead of where we were last year at this time. I think that is a very good place to be given everything that has happened in the last 12 months.” That 5% totals $15.2 million dollars.
The Forecasting Board increased sales and use tax by 3%, or $57 million for fiscal year 2021-22. Personal income tax increased by 10%, or $226 million. Corporate income Tax increased by 54% or $190 million and miscellaneous tax was upped by 1%, or $2 million.
Total projections for the fiscal year is now $5.35 billion. The Forecasting Board’s next meeting is at the end of February.