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Nebraska tax revenue sharply below projections in April | KRVN Radio

Nebraska tax revenue sharply below projections in April

Nebraska tax revenue sharply below projections in April

LINCOLN, Neb. (AP) – Nebraska’s tax collections came in far lower than expected in April as the coronavirus forced the closure of businesses throughout the state.

The Nebraska Department of Revenue says net tax receipts totaled $345 million, which is nearly 46% lower than the official forecast of $637 million. The downturn was driven by sharp declines in individual and corporate income taxes and miscellaneous taxes.

Net sales-and-use taxes were down less than 1%. Net tax collections for the current fiscal year are now roughly on par with projections. They were previously well ahead.

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