Omaha World Herald on May 14: Tough times ahead for Nebraska? Tax receipts more than $71 million behind expectations
LINCOLN — A new report shows fiscal storm clouds gathering on the horizon for Nebraska state government.
Net state tax receipts are lagging $71 million behind projections for the first 10 months of the fiscal year, according to a Revenue Department report Friday.
Tax collections in April alone, typically the biggest tax month of the year, fell $52 million below expectations.
State Tax Commissioner Tony Fulton said it is unlikely that the state can make up that shortfall with the taxes to be collected in the next two months. The state’s fiscal year ends June 30.