Nebraska tax collections beat expectations in January

Photo: MGN
Photo: MGN(KSFY)
Published: Feb. 14, 2020 at 10:19 AM CST
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Nebraska collected more state tax revenue than expected last month, the Department of Revenue announced Friday.

The state in January received net taxes of $468 million, which is 13.3% above the official state forecast of $413 million.

The increase was driven by sharply higher sales-and-use tax revenue, which offset lower-than-expected individual and corporate income taxes and miscellaneous taxes.

The state has also collected more taxes than expected in the current fiscal year, which began July 1. Nebraska state government has received $2.96 billion so far, up from the estimates of $2.73 billion.

The projections were set by the Nebraska Economic Forecasting Advisory Board. Lawmakers and Gov. Pete Ricketts use the board’s estimates to determine how much money they’ll have available in the state budget.

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