State tax revenue beats projections
Nebraska tax revenue beat projections in August for the first time since May. The Nebraska Department of Revenue said Friday that net tax revenue topped projections by 2.7 percent last month.
The positive revenue report makes it less likely a special legislative session will be needed to address the budget. But one positive month won't solve everything.
Lawmakers are likely to face a budget shortfall of several hundred million dollars when they meet in January to craft a two-year-budget.
Net revenue exceeded projections for all four state tax categories, including a jump in corporate income taxes, to help the state collect $322 million net revenue in August.
The forecast was $313 million.