Thu May 8, 2014
Nebraska net tax receipts below April projections
LINCOLN, Neb. (AP) — A new state report says Nebraska's net tax collections in April fell more than 7 percent below projections.
The Department of Revenue said Thursday that net tax receipts for the month totaled $483 million. The Nebraska Economic Forecasting Advisory Board had set the official state estimate at $520 million.
The report says revenue from individual and corporate income taxes and sales-and-use taxes came in lower than projected. Miscellaneous taxes were higher than expected.
Renee Fry of the OpenSky Policy Institute, a Nebraska tax-policy think tank, says this year's tax receipts are still on pace to exceed earlier forecasts, but state revenue and the economy are still underperforming when compared to historic averages. Fry says that trend is likely to continue.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.