State revenue hit a record $1 billion in April
Nebraska state’s April tax receipts are counted and the sum is record high.
Gross state receipts for the past month exceeded $1 billion ($1,185,536,454) and net receipts were $939 million. That’s $375 million more than forecast.
April marked the largest increase in net income in state history. To put that into perspective, in April 2014, net revenue was $483 million. This month of April brought nearly double, noted Governor Pete Ricketts.
Strong revenue over the past two months has propelled the state’s economic strength to unprecedented levels, Ricketts said in a press release. In March and April alone combined, state revenue was more than half a billion dollars higher than what the state’s forecasting advisory board had predicted in February.
Ricketts said Nebraska attracts investment from businesses that bring well-paying jobs to the good life.
“The growth we’ve seen has consistently generated revenue well above expectations,” he said. “This excess revenue paved the way for historic tax relief in the 2022 legislative session. Our continued financial strength paves the way for even more tax relief in the future.
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