Nebraska tax collections beat January projections by $42M
LINCOLN, Neb. (AP) — Nebraska state government saw a surge in tax revenue last month.
The Department of Revenue on Thursday reported net tax collections of $421 million in January, which is 11.1 percent above projections. Nebraska received $42 million above the $379 million the state was expected to collect.
Net tax receipts have been higher than expected so far in the current fiscal year. The state has collected nearly $2.59 billion so far, up from the certified forecast of $2.5 billion.
The recent uptick could help lawmakers who are trying to balance the state budget in this year’s session.
Gov. Pete Ricketts warned in a statement that the higher revenue isn’t necessarily a sign of a long-term turnaround. Ricketts says federal tax changes may continue to have a short-term impact on state revenues.