Nebraska ends fiscal year with revenue higher than expected
LINCOLN, Neb. (AP) — A new report says Nebraska state government ended the last fiscal year with more tax revenue that expected.
The state Department of Revenue announced Friday that Nebraska saw net tax receipts of nearly $4.6 billion, which is 1.4 percent above the certified forecast of a little more than $4.5 billion.
The report says individual and corporate income tax revenue was higher than expected for the fiscal year that ran from July 1, 2017, through June 30 of this year. Net miscellaneous taxes were also higher than projections, but net sales-and-use taxes came in lower.
The comparisons are based on a forecast made by the Nebraska Economic Forecasting Advisory Board in October 2017.
Earlier state revenue shortfalls forced Nebraska lawmakers to cut the state budget during this year’s legislative session.