NEBRASKA'S 2022 REVENUE RECEIPTS EXCEED ANNUAL FORECAST BY 30.1%

LINCOLN- Nebraska closed out its fiscal year on a record high note, with net tax revenues nearing $6.35 billion, according to a new state report.

The Nebraska Department of Revenue report shows the state collected $624 million more for the fiscal year that ended June 30 than predicted just four months earlier.

State Sen. Lou Ann Linehan of Elkhorn, the Revenue Committee chairwoman, said the increased revenues mean lawmakers should do more to reduce taxes next year, perhaps by cutting income tax rates more or faster or both.

“This sets the next Legislature up with a prime opportunity to build on the historic tax relief we delivered to Nebraskans in 2022,” said Governor Ricketts.

But Sen. John Stinner of Gering said the increased tax collections will bolster the state’s cash reserve fund and leave Nebraska in a better position to weather economic uncertainties.

The State’s strong revenue numbers come on the heels of news affirming Nebraska’s business-friendly climate.  Earlier this week, CNBC released its annual ranking of America’s Top States for Business.  Nebraska climbed to #7 nationally and is now the top state in the Midwest.

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