Nebraska tax revenues up in August
Omaha, NE – Nebraska's tax revenues were above forecast levels in August, according to a new report.
The Nebraska Department of Revenue said Friday that all four categories of net tax receipts exceeded expectations. Ken Kriz is a professor at UNO's School of Public Administration, teaching Public Finance and Public Economy. He says those figures aren't surprising given reports that Nebraska's economy has been recovering since March.
"What we expect is that there will still be an increase in forecast revenues; however, this may moderate over time," Kriz says. "One thing we should note is that even last month, in July, revenues were above forecast, again indicating that we've started to have some economic improvement within the state of Nebraska."
Kriz says July receipts were impacted by large corporate tax refunds. But he doesn't expect those to have a long-term effect on revenues.
Better-than-forecast tax receipts mean it's less likely Nebraska lawmakers will need a special session to deal with revenue issues.
(The University of Nebraska-Omaha provided the audio with Ken Kriz for this story.)