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Latest sales tax report tops $122,000 for third quarter PDF Print E-mail

By Jan Schultz
The Imperial Republican

Imperial’s third quarter sales tax report from the Nebraska Dept. of Revenue shows a total of $122,835.06 in receipts to the city.
The 2014 third quarter report is the final one before  removal of Nebraska’s sales tax on ag repair parts went into effect on Oct. 1. City officials will be watching how big an effect the repeal of that sales tax will have on local receipts.
The biggest month of the third quarter, not surprisingly, came in August, a busy month that includes back-to-school purchases and the Chase County Fair.
August returned $43,17.29 to the city from the 1 percent additional sales tax on qualified purchases.
The month of July netted $41,258.77, while September brought in $38,398.
In the history of Imperial’s city sales tax, December 2013 holds the record for the biggest month of receipts at $46,559.94.
After the sales tax receipts from qualified vehicle sales are taken out, the rest will be split 50/50 between economic development and community development funds used for projects approved by the city council.
Recommendation for spending from the economic development funds comes to the council from a Citizens Advisory Committee, but must have final council approval.
While the council alone directs spending of the community development funds, that often happens after requests from local groups, organizations or individuals who suggest using the funds for specific projects.
Use of all city sales tax funds must have a final council majority vote.
The city’s one percent sales tax is added to the state’s 5.5 percent on qualified purchases in the city limits for a total of a 6.5 percent sales tax here.
Imperial voters approved the city sales tax in November 2006. It went into effect the following April.
Dollar decrease expected
City officials are expecting as much as a 20 percent drop in future sales tax income to Imperial after passage earlier this year of LB 96 by the Nebraska Unicameral.
The bill exempts ag repair parts from sales tax, both on the state and local levels.
Based on income from the third quarter, that would amount to about $12,000 less if city estimates are correct.

 

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