Nebraska board raises 2022-23 tax revenue projection to $6.44 billion
LINCOLN, Neb. (KLKN) — The Nebraska Economic Forecasting Advisory Board thinks the state will generate hundreds of millions more than anticipated this fiscal year.
The board voted Friday to increase the state’s revenue projection for the 2022-23 fiscal year by $621 million, bringing that total to $6.44 billion.
Officials expect an increase of $405 million in individual taxes and $113 million in corporate taxes.
The board anticipates a $809.5 million increase for fiscal year 2023-24, with a budget of $6.47 billion. In fiscal year 2024-25, the board expects an increase of $1.05 billion, with a budget set at $6.55 billion.
Under these projections, the state’s cash reserve would grow from $1.7 billion currently to $2.3 billion by the end of fiscal 2023-24.
“In Nebraska, we’ve built a record-high rainy day fund, and State revenues continue to exceed expectations,” Gov. Pete Ricketts said in a press release. “Today’s action by the forecasting board reflects the steady growth we’ve seen across Nebraska. The State’s financial strength puts the 2023 Legislature in a great position to build on the historic tax relief we delivered to Nebraskans earlier this year.”
These projections will be used by the Legislature to build the state’s future budgets.