Seven Nebraska agriculture groups including the State Farm Bureau are backing property tax relief and education funding legislation sponsored by State Senator Curt Friesen. The bill broadens the sources used to fund K-12 schools and reduces the over reliance on property taxes. Friesen says his legislation ensures every public school in Nebraska receives state support equal to 50-percent of basic education funding needs.

He says LB 497 brings down ag land valuations and adjusts the state aid formula.

Friesen, the Vice Chairman of the Revenue Committee, says his bill contains a spending cap for education funding.

Friesen’s bill generates an estimated $523 million per year in additional revenues for allocation to schools to replace and lower local property taxes. It also provides a one time $150 million allocation to help replenish the state’s cash reserve fund.