Economic forecasting board raises revenue projections

In its final meeting before the Legislature considers possible adjustments to several bills that would cut tax revenue, the Nebraska Economic Forecasting Advisory Board voted April 29 to raise revenue projections in the short term.

The board provides an advisory forecast of general fund receipts.

Revenue projections for the current fiscal year were raised by $90 million to $5.6 billion. The adjustment was based on anticipated increases of $65 million in corporate income tax receipts and $25 million in individual income tax receipts.

Total projected revenue receipts for FY2021-22 were lowered by $5 million. The FY2022-23 projections remain unchanged.

The next meeting of the board is set for Oct. 29.