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Nebraska tax collections fall below projections in April

(KOLNKGIN)
Updated: May. 14, 2021 at 8:31 PM CDT
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LINCOLN, Neb. (AP) — The Nebraska state government collected slightly less tax revenue than expected in April, according to state officials.

The Nebraska Department of Revenue reported April net tax collections of $525 million, less than 1% below the certified forecast of $528 million.

The lower-than-expected number was driven by individual income tax collections, which were nearly 36% below projections. The lower total more than offset higher-than-expected collections from corporate income taxes, miscellaneous taxes and sales-and-use taxes.

Tax collections for the current fiscal year are still well above projections. State government has received about $4.66 billion in the current fiscal year, which ends June 30. That’s 13.6% above the forecasted amount of $4.1 billion.

The projections were set by the Nebraska Economic Forecasting Advisory Board in July of last year. Lawmakers use the estimates to determine how much money they’ll have available in the state budget.

Copyright 2021 The Associated Press. All rights reserved.