Board: Nebraska revenue drop won’t be as sharp as expected

Nebraska News

Vehicles line up at a coronavirus testing site in Omaha, Neb., Thursday, July 23, 2020. State health numbers show cases of confirmed coronavirus infections continued this week to pile up in Nebraska. (AP Photo/Nati Harnik)

LINCOLN, Neb. (AP) — Nebraska tax revenue will likely dip below earlier projections because of the coronavirus, but the state’s budget picture won’t be as bad as previously expected.

The Nebraska Economic Forecasting Advisory Board lowered its outlook for state tax collections in the current fiscal year, which began July 1.

Their estimates will reduce the amount of revenue available to lawmakers this year by $48.5 million, from $138.6 million down to $90.1 million. Nebraska will collect an estimated total of $5.125 billion this year.

National forecasting services had suggested the state would see a much sharper decline.

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