Nebraska revenue receipts exceed expectations by more than 30%

Nebraska's tax receipts exceeded expectations
Published: Jul. 17, 2022 at 12:01 PM CDT
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LINCOLN, Neb. (WOWT) - Nebraska’s 2022 revenue receipts have exceeded expectations.

According to Gov. Pete Ricketts, the state’s General Fund receipts for June 2022 went above their forecast by $56 million.

June was the last month of the 2022 fiscal year. The net tax receipts for the fiscal year were nearly $6.35 billion, which is roughly $1.47 billion above the state’s forecast of $4.88 billion. That means the state’s tax receipts were 30.1% over expectations.

The surplus will go into the state’s Cash Reserve Fund, bringing it to $1.69 billion.

Ricketts says Nebraska’s revenue receipts exceeded expectations every month out of the fiscal year.

“Nebraskans were hard at work this past fiscal year,” said Gov. Pete Ricketts. “They’ve helped put the State in a position of unprecedented financial strength. Our Cash Reserve will have substantially more than what is needed to serve Nebraskans. It sets the next Legislature up with a prime opportunity to build on the historic tax relief we delivered to Nebraskans in 2022.”

Recently, Nebraska recorded a billion dollars in monthly tax receipts for the first time in state history.

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