Nebraska tax collections surge past expectations in May

Nebraska News

(AP) – Nebraska government tax collections surged well above projections in May, with the state collecting $297 million more than expected.

The Nebraska Department of Revenue on Tuesday reported net tax receipts $720 million, which was more than 70% higher than the official forecast of $423 million.

The increase was driven by corporate income tax collections that were 375% above the certified state forecast and individual income tax collections that were 97% above the forecast.

Net sales-and-use and miscellaneous tax receipts were 14.9% and 30.9% higher, respectively.

Net tax collections have also been higher than expected during the current fiscal year, which ends this month.

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