In its final meeting before the Legislature begins debate on the state\u2019s two-year budget, the Nebraska Economic Forecasting Advisory Board voted April 25 to lower revenue projections.<\/p>\n
The board provides an advisory forecast of general fund receipts.<\/p>\n
Revenue projections for the current fiscal year were lowered by $190 million to $6.245 billion. The adjustment was based on anticipated decreases of $150 million in individual income tax receipts and $40 million in corporate income and sales and use tax receipts.<\/p>\n
Total projected revenue receipts for FY2025-26 were lowered to $6.865 billion, a decrease of $90 million. The adjustment was due to a projected $105 million decrease in individual income and miscellaneous tax receipts, offset slightly by a projected $15 million increase in corporate income tax receipts.<\/p>\n
The board also set the forecast for projected total revenue receipts for FY2026-27 at $6.925 billion based on a projected $100 million decrease in individual income tax receipts.<\/p>\n
The Legislature is expected to begin debate on the state budget May 6. The next board meeting is set for Oct. 31.<\/p>\n","protected":false},"excerpt":{"rendered":"
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