Nebraska- Tax collections up in March despite virus shutdowns

Nebraska state government had better-than-expected tax collections in March despite a surge in unemployment and widespread hardship caused by the new coronavirus, according to a report released Wednesday. The Nebraska Department of Revenue reported net tax collections of $380 million, which is about 12% higher than the projected forecast of $339 million. The department said net individual and corporate income taxes, net sales-and-use taxes and net miscellaneous taxes were all higher than projected in March.

It wasn’t immediately clear why tax revenues would increase with the economy in a sharp dive. Some lawmakers have speculated that Nebraska may see a short-lived boost in tax revenue because of a stock market selloff by frightened investors.

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The Washington Times
By: Associated Press
April 15, 2020