Nebraska’s overall net General Fund tax receipts fell below projections in the month of May, the first time that has happened during the current fiscal year.
The Department of Revenue says gross receipts last month were down four percent, but net tax receipts were down 36.5 percent for May, coming in at $327 million.
That dip was the result of credits claimed by individual partner and shareholder owners of Pass-Through Entities, which earlier in the year made an election to be subject to income taxes, which made credits available to the owners on their tax returns.
Net General Fund receipts for the 2023-24 fiscal year were $6.382 billion, down point-eight percent from the projections made by the Economic Forecasting Advisory Board last February.
