Tax revenue poured into state coffers last month, up 17-percent over expectation
Tax revenue poured into state coffers last month, up 17-percent over expectation.
State Tax Commissioner Doug Ewald reports gross General Fund receipts for December totaled 423-Million dollars, well over the forecast of 362-Million. Net individual income tax receipts came in 17-percent above the forecast. . .
Doug Ewald, State Tax Commissioner; "lower rates"
Corporate income surged the last month of 2012. The net corporate income tax receipts came in 51-percent above the forecast, one of the strongest months on record.
State coffers swelled last month as both individual and corporate income tax receipts came in well above forecasts in December.
State Tax Commissioner Doug Ewald cautions against making too much of the one-month spike. Ewald says the uncertainty of how Congress would handle the "fiscal cliff" likely led many Nebraskans to cash in capital gains to avoid an anticipated increase in capital gains tax rates. . .
Ewald; "year in and year out"
Corporate income tax receipts jumped more than 50-percent above the forecast.
Ewald speculates that many businesses have kept hiring down even as the economy improves...funneling extra earnings straight to their bottom line.
Last year ended with a bang for state revenue.
Strong individual and corporate earnings pushed December tax receipts to 423-Million dollars, well above the 362-Million expected.
State Tax Commissioner Doug Ewald reports net individual income tax receipts came in 17-percent above forecasts with corporate income surging to 51-percent better than the forecast. Ewald speculates that the surge at the end of the year came as individuals and corporations braced for higher taxes in 2013...swelling year-end tax receipts. . .
Ewald; "quite yet"
Ewald says it appears uncertainty keeps businesses from hiring more employees, which funnels extra income to the bottom line.
(image courtesy of stock.xchng)
(courtesy of Nebraska Radio Network)