LINCOLN — The following is a statement from OpenSky Policy Institute Executive Director Renee Fry regarding the April Nebraska revenue receipts report, which was released by the Department of Revenue today:
“Today’s report isn’t a full reflection of the budget pain we’re likely to see going forward. For example, there is a lag in the reporting of sales tax receipts and thus the impact of the virus on sales taxes will become more apparent in the coming months. Also, while income tax receipts were significantly lower than projected for April due to the extension of the filing deadline, income taxes will be most impacted in the next fiscal year as the effects of COVID-19 on employment and earnings are realized. The bottom line is we’re probably in for a bumpy ride for the current biennium and going forward. Nebraska would benefit greatly from rapid and transparent mobilization of federal Coronavirus Relief Funds to help lessen the virus’ impact on our residents and our economy.”
Contact Chuck Brown at 402-610-1522 or cbrown@openskypolicy.org for more information.