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Forecasting Board: Nebraska Revenue Drop Won’t Be as Sharp as Expected

Forecasting Board: Nebraska Revenue Drop Won’t Be as Sharp as Expected

Nebraska tax revenue will likely dip below earlier projections because of the coronavirus, but the state’s budget picture won’t be as bad as previously expected.

The Nebraska Economic Forecasting Advisory Board lowered its outlook for state tax collections in the current fiscal year, which began July 1.

Their estimates will reduce the amount of revenue available to lawmakers this year by $48.5 million, from $138.6 million down to $90.1 million.

Nebraska will collect an estimated total of $5.125 billion this year.

National forecasting services had suggested the state would see a much sharper decline.

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