Nebraska Tax Collections Dip Below Expectations

Nebraska Tax Collections Dip Below Expectations

LINCOLN, Neb. (AP) – Nebraska state government tax collections fell short of expectations in October.

The Department of Revenue reported Thursday that the state received $247 million in net revenue last month, roughly 7 percent lower than the certified forecast of $267 million.

The downturn was driven by lower-than-expected income and miscellaneous tax receipts. That offset sales-and-use tax collections that were 1.4 percent higher than expected.

State government revenue is still higher 3.1 percent higher than projected for the current fiscal year, which began on July 1. The state has collected $1.459 billion so far this fiscal year, compared to the projected amount of $1.416 billion.

Lawmakers and Gov. Pete Ricketts are expected to create a new state budget in the session that begins in January.