Taxation and revenues will continue to be a major focus of debate, post adjournment, in the interim, and when senators reconvene in 2019. Below is information on the revenues generated by Nebraska’s various taxes, per the Economic Forecasting Board at its February meeting. Keep in mind that revenues vary month to month. For example, April’s numbers showed sales taxes for the mon th down by 1.2 percent, individual income taxes down 3.6 percent, corporate taxes up 28.2 percent, and the take from miscellaneous taxes up by 35.4 percent. This happens month by month. The better focus is longer term—the fiscal year. Year to date, revenues are 1.7 percent above projections.
FY 17/18
Sales Tax: $1.620 billion
Income Tax: $2.330 billion
Corporate: $295 million
Miscellaneous: $285 million
Total: $4.530 billion
FY 18/19
Sales Tax: $1.685 billion
Income Tax: $2.470 billion
Corporate: $300 million
Miscellaneous: $250 million
Total: $4.705 billion
What are Miscellaneous Taxes?
- Alcoholic Beverage Tax
- Charitable Gaming Tax
- Cigarettes and Tobacco Products Taxes
- Corporate Occupation Tax
- Financial Institutions Tax
- Insurance Premium Tax
- Mechanical Amusement Devices Tax
- Pari-Mutuel Wagering Tax
- Uranium Severance Tax