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Nebraska tax collections surpass expectations in September | KTIC Radio

Nebraska tax collections surpass expectations in September

Nebraska tax collections surpass expectations in September

Nebraska collected far more tax revenue than expected last
month and is running ahead of projections so far in the fiscal year that began July 1.

The Department of Revenue reported Monday that the state netted $510 million in September, nearly 10 percent more than the certified forecast of $464 million.

Net tax receipts are also 5.5 percent higher than expected for the current fiscal year. The state received $1.212 billion so far, compared to $1.149 billion in the certified forecast.

The Department of Revenue Report says net individual and corporate income tax receipts were higher than expected in September, as was net sales-and-use and miscellaneous taxes.

State Senator John Stinner of Gering, Chairman of the Legislature’s Appropriations¬† Committee, believes revenues will remain strong through 2019, helping increase the state’s rainy day fund to $500 million . But he says economists see a downturn in 2020, partly due to¬† rising interest rates as the Fed tries to slow down any threat of inflation.

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