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Nebraska tax collections up in October
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Nebraska tax collections up in October

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October tax receipts were above predictions by the Nebraska Economic Forecasting Advisory Board in all categories, according to state Tax Commissioner Tony Fulton. 

The Department of Revenue reported a rise in net receipts for the month to $305 million, which is nearly 17% above the certified forecast of $261 million. That includes an increase of sales taxes nearly 14% above forecast and a rise in net individual income of 16% above forecast.

Tax refunds for October were $79 million, which was 16.5% below the certified forecast of $95 million.

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The forecasting board met in late October and raised estimates on what the state could expect in sales, income and miscellaneous taxes in the current and next two fiscal years. Increased estimates for each fiscal year were: $285 million in 2020-21; $118 million in 2021-22; and $307 million in 2022-23.

Gov. Pete Ricketts said at the time the new forecast was a reflection of the resilience of Nebraskans and the strong economy they have built.

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