Neb. tax revenue rebounds after dismal September

AP News
Posted: Nov 10, 2009 5:34 PM

Nebraska tax revenue in October rebounded after a dismal September that prompted a special legislative session to cut the state budget, but collections still fell below official projections.

On Tuesday, the state Department of Revenue reported that total, net tax revenue last month was 1.8 percent, or $3.5 million, below projections that form the baseline for the state budget.

In September, revenue nose-dived, dropping more than 11 percent below projections.

A primary reason was falling income-tax collection. That's still cause for concern. Individual income tax collection was nearly 9 percent below projections in October.

State Tax Commissioner Doug Ewald says he is cautiously optimistic about future state revenue because of the new report.