The Nebraska Economic Forecasting Board voted to raise revenue projections for the current fiscal year during an Oct. 27 meeting at the Capitol. The board provides an advisory forecast of general fund receipts that is used by the Legislature to craft the state budget.
The board’s projections for fiscal year 2023-24 were raised mainly based on an anticipated $81.72 million increase in corporate income tax receipts. That increase was offset, however, by projected decreases in other categories, including a $64.88 million decrease in individual income tax receipts.
Total projected revenue receipts for FY2023-24 were raised to $6.44 billion, an overall increase of $7.87 million.
The board also set the forecast for projected total revenue receipts for FY2024-25 at $6.37 billion, a decrease of $13.29 million. The change was based on a projected $74.59 million increase in corporate income tax receipts, offset by projected decreases across all other categories totaling $87.87 million.
The next board meeting is scheduled for Feb. 29.