Nebraska capitol

The Nebraska State Capitol building in Lincoln.

(The Center Square) – The good times continue to roll for Nebraska's tax revenue.

From July though September, the state netted $155.9 million more than projected, with September alone coming in $100.8 million above projections, the state said.

“Nebraska’s tax receipts continue to grow beyond our expectations as a result of our state’s booming economy,” Gov. Pete Ricketts told the Omaha World Herald. “Strong receipts are setting us up to deliver even more tax relief for the hardworking people of Nebraska.”

Craig Beck, senior fiscal analyst with the nonprofit group Open Sky Policy Institute, also likes the numbers but with a note of caution.

“It’s certainly good news that state tax receipts exceeded projections in September," he told The Center Square. "It’s important to keep in mind, however, that an influx of federal dollars is likely playing a significant role in how our economy is currently performing. It is a question of when – not if – federal funds stop flowing, and so we would urge caution when considering ongoing tax or spending proposals.”

Sarah Curry, policy director for the nonprofit Platte Institute, was also impressed with the latest numbers, noting that "all major tax types (sales, personal income tax, and corporate income tax) are posting above forecast."

She said the extra money could free up the Nebraska legislature to provide further tax breaks.

"This year, the Legislature took a very cautious approach in approving a reduction in the top corporate income tax rate from 7.81% to 7.25% over two years," she wrote. "But as these revenue numbers continue to be positive, it’s clear a faster implementation of the rate reduction is affordable for the state budget. The Legislature intends to eventually match the top personal income tax rate, which is currently 6.84%."

Nebraska continues to have a very low unemployment rate and produces agriculture food products including meat that are vital to feeding the country.

"We are right in the middle of the country where we can get to the East Coast and the West Coast very easily," she told The Center Square. "We are growing the food here. It's not coming from China. It's not like we have that backlog like California is dealing with, ships docked at sea and they can't get the goods in."