§ 77-4602 — Actual General Fund net receipts; public statement by Tax Commissioner; Tax Commissioner; duties; transfer of funds; when

Nebraska § 77-4602

• Jurisdiction: Nebraska
• Ch. 77: Revenue and Taxation

Text

(1) Within fifteen days after the end of each month, the Tax Commissioner shall provide a public statement of actual General Fund net receipts, a comparison of such actual net receipts to the monthly estimated net receipts from the most recent forecast provided by the Nebraska Economic Forecasting Advisory Board pursuant to section 77-27,158 , and a comparison of such actual net receipts to the monthly actual net receipts for the same month of the previous fiscal year.
(2) Within fifteen days after the end of each fiscal year, the public statement shall also include (a) a summary of actual General Fund net receipts and estimated General Fund net receipts for the fiscal year as certified pursuant to sections 77-4601 and 77-4603 and (b) a comparison of the actual General Fund net receipts for the fiscal year to the actual General Fund net receipts for the previous fiscal year.
(3)(a) Within fifteen days after the end of each fiscal year, the Tax Commissioner shall determine:
(i) Actual General Fund net receipts for the most recently completed fiscal year minus estimated General Fund net receipts for such fiscal year as certified pursuant to sections 77-4601 and 77-4603 ; and
(ii) Actual General Fund net receipts for the most recently completed fiscal year minus one hundred three percent of actual General Fund net receipts for the prior fiscal year.
(b) If the amount calculated in subdivision (3)(a)(i) of this section is a positive number and the amount calculated in subdivision (3)(a)(ii) of this section is a negative number, the Tax Commissioner shall certify the amount calculated in subdivision (3)(a)(i) of this section to the State Treasurer. The State Treasurer shall transfer such certified amount to the Cash Reserve Fund.
(c) If the amounts calculated in subdivisions (3)(a)(i) and (3)(a)(ii) of this section are both positive numbers and the amount calculated in subdivision (3)(a)(i) of this section exceeds the amount calculated in subdivision (3)(a)(ii) of this section, the Tax Commissioner shall certify the amounts calculated in subdivisions (3)(a)(i) and (3)(a)(ii) of this section to the State Treasurer. The State Treasurer shall transfer the difference between the two certified numbers to the Cash Reserve Fund. The State Treasurer shall transfer the amount certified for subdivision (3)(a)(ii) of this section to the School District Property Tax Relief Credit Fund.
(d) If the amounts calculated in subdivisions (3)(a)(i) and (3)(a)(ii) of this section are both positive numbers and the amount calculated in subdivision (3)(a)(i) of this section is less than the amount calculated in subdivision (3)(a)(ii) of this section, the Tax Commissioner shall certify the amount calculated in subdivision (3)(a)(i) of this section to the State Treasurer. The State Treasurer shall transfer such certified amount to the School District Property Tax Relief Credit Fund.

Legislative History

Source: Laws 1993, LB 38, § 2; Laws 1996, LB 1290, § 4; Laws 2019, LB638, § 1; Laws 2020, LB1107, § 137; Laws 2021, LB180, § 1; Laws 2024, First Spec. Sess., LB34, § 26; Laws 2025, LB650, § 52. Operative Date: May 7, 2025 Cross References: Cash Reserve Fund, see section 84-612. School District Property Tax Relief Credit Fund, see section 77-7304.