State Forecasting Board Raising Its Revenue Projection
The Nebraska Economic Forecasting Advisory Board raised the revenue projection for the current fiscal last Friday.
The board’s projections for fiscal year 2021-22 were raised based on anticipated increases in revenue receipts, according to the Unicameral Information Office, including $226 million in individual income tax and $190 million in corporate income tax.
“Nebraska’s big economic momentum continues to translate into stronger and stronger tax receipts,” Gov. Pete Ricketts said in a statement, noting the increase will make it easier to work on tax relief and his proposal to replace the Nebraska State Penitentiary.
Projected revenue for this fiscal year was raised to $5.35 billion, an increase of $475 million. The board also set projected revenue for 2022-23 at $5.55 billion, an increase of $427 million. The projections are used by state senators to craft the budget.
The next board meeting is scheduled for Feb. 28.
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