The Nebraska Economic Forecasting Advisory Board voted to increase revenue projections during a Feb. 28 meeting at the Capitol. The board provides an advisory forecast of general fund receipts used by the Legislature to craft the state\u2019s budget.<\/p>\n
Revenue projections for the current fiscal year and FY2018-19 were raised primarily based on anticipated increases in individual income tax receipts of $20 million in FY2017-18 and $45 million in FY2018-19.<\/p>\n
Total projected revenue receipts for FY2017-18 were increased to $4.53 billion, an increase of $25 million. Projected total revenue receipts for FY2018-19 were set at $5.04 billion, an increase of $365 million.<\/p>\n
The revised projections for FY2018-19 include an estimated $327 million increase in individual income tax receipts and $8 million in corporate tax receipts as the result of the federal Tax Cuts and Tax Jobs Act of 2017.<\/p>\n
LB1090, a bill introduced by Papillion Sen. Jim Smith, is intended to offset those federal changes by implementing credits, deductions and exemptions that would reduce state revenue by $326 million in FY2018-19, as estimated by the state Department of Revenue. <\/p>\n
The next board meeting is scheduled for Oct. 26, 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"
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