Nebraska, in spite of a global pandemic, the tax commissioner has said the money is, moreover, coming in. More money, in fact, than this time in 2020. However, that money could trickle down to property owners.
$617 Million Dollars in Revenue
The state brought in $617 million dollars in revenue in February. That is more than 25% above the forecast of $497 million.
Nebraska is a Shining Example to Other States in the Union
“Than any state, Nebraska has weathered this pandemic better. In fact, we see that in any number of metrics. Our unemployment rate is one of the lowest in the country. Therefore, our tax receipts are remarkably strong,” Tony Fulton, tax commissioner said.
Building Nebraska’s budget, the tax projections are used for. Last July, these specific ones were made when Fulton said there was alot of fear about what could in fact come.
Returning to the normal from the pre-pandemic, but is doing better.
Nebraska: Sales Tax Receipts are Up
“In February 2020, we had a sturdy economy. But fast forward to February 2021, the sales tax receipts were 11%. They were higher than what we in fact collected last year. Moreover, the income taxes were up 10%,” Fulton said.
Earning and Spending More Money!
What this does in fact mean is that Nebraskans are earning and spending more money. Therefore, the unemployment sits at 3.2%, the third lowest in the country.
“Throughout the pandemic, this is an indicator,” Fulton said. “Like restaurants, some industries, have indeed suffered quite a bit, but by the same token, the state has overall stayed open.”
As a result, this could create even more property tax relief this legislative session.
Than they did last year, the legislature and governor are talking more about property tax relief even more so now,” Fulton said.
Predicting the econony will only continue to improve, the tax commissioner said. This is especially true with the stimulus checks and increase in vaccinations.