Nebraska state tax collections exceed projections in October

LINCOLN, Neb. (AP) – Nebraska state government once again collected more tax revenue than expected last month. 

The Nebraska Department of Revenue reported Friday that the state received a net of $290 million in October, which is nearly 9% higher than the $266 million expected in an April forecast.    

The department says net corporate and individual income taxes were higher than expected, as was net miscellaneous taxes.

Net corporate income tax collections were nearly three times larger than expected.    

Net sales-and-use taxes came in lower than projected for the month.    

Tax collections have exceeded expectations the last several months.

The state’s net tax receipts are nearly 7% higher than expected so far in this fiscal year, which began July 1.

Senator Lou Linehan of District 39 (Elkhorn) tells Channel 8 Eyewitness News that senators are hoping to use the extra revenue to lower property taxes.

“Take the extra revenue that we have next year and do as much as we can, we will probably go to ag first because that’s where we’ve got such an uneven thing across the state, some ag producers pay 110 to 115 dollars an acre and some ag producers paying considerably less than that so we went to get to those ag producers that are at the really high property tax.”