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Nebraska tax revenue sharply below projections in April

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Posted at 10:51 AM, May 16, 2020
and last updated 2020-05-16 11:51:55-04

NEBRASKA’S TAX COLLECTIONS CAME IN FAR LOWER THAN EXPECTED LAST MONTH AS THE CORONAVIRUS FORCED THE CLOSURE OF BUSINESSES THROUGHOUT THE STATE, officials said Friday. — Nebraska’s tax collections came in far lower than expected in April as the coronavirus forced the closure of businesses throughout the state, officials said Friday.

The state’s net tax receipts totaled $345 million, which is nearly 46% lower than the official forecast of $637 million, according to the Nebraska Department of Revenue.

The downturn was driven by sharp declines in individual and corporate income taxes and miscellaneous taxes. Net sales-and-use taxes were down less than 1%.

Net tax collections for the current fiscal year are now roughly on par with projections. They were previously well ahead.

Gov. Pete Ricketts said the downturn is largely driven by state and federal officials who delayed the income tax filing deadline until July 15.