LINCOLN- Tax Commissioner Tony Fulton announced the Nebraska Economic Forecasting Advisory Board's predictions were surpassed according to October tax receipts. The certified forecast of net receipts for the month was $261 million, but the Department of Revenue reported the number at $305 million, this includes an increase of sales tax by 14% and a rise in net individual income of 16% above the forecast.

Tax refunds for October were $79 million, which was 16.5% below the certified forecast of $95 million.

The forecasting board met in late October and raised estimates on what the state could expect in sales, income and miscellaneous taxes in the current and next two fiscal years. Increased estimates for each fiscal year were: $285 million in 2020-21; $118 million in 2021-22; and $307 million in 2022-23.

Gov. Ricketts said this was a reflection of the resilience of Nebraskans and the strong economy they have built.

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