April tax/fee collections for the State of Nebraska were released by the Nebraska Department of Revenue today...the good news...sales tax revenue was a smidge above what the Forecasting Board predicted for April...the really bad news...income tax receipts for the month were almost 52 million below their projection. This is substantial...off the charts...and our Cheerleader-in-Chief Governor Dave Heineman is disappointed.
My question is how can the State Forecasting Board be so far off when predicting income tax revenue? Did a large number of individual Nebraskans and corporations decide to take a tax holiday? Is there a big bag of envelopes sitting in a dark corner in some Lincoln post office...or did last weeks Wall Street guy that entered the Proctor and Gamble stock sale do the spreadsheet numbers for Nebraska?
I can only think that May's numbers will be better...but I have my doubts. Funny too that an Iowa television station scooped all of Nebraska's media in reporting this.