LINCOLN- On Friday, the Nebraska Economic Forecasting Board, which provides an advisory forecast of general fund receipts that is used by the Legislature to craft the state budget, voted to raise revenue projections for the current fiscal year during a meeting at the Nebraska Capitol.

The Board's projections for FY2023-24 were raised based on an anticipated $81.72 million increase in corporate income tax receipts. However, that increase was offset by a projected decrease in other receipt categories, including a $64.88 million decrease in individual income tax receipts.

The Board finalized for FY2023-24 a $6.44 billion overall revenue receipt projection, which is a slight increase of $7.87 million for this year based on the offset corporate income tax receipts. For FY2024-25, the Board approved a forecast of $6.37 billion for total revenue receipts, a decrease of $13.29 billion when compared to the previous year.

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