Nebraska State Senator Lou Ann Linehan, Chair of the Revenue Committee has unveiled several tax cut proposals up for consideration by the full legislature. Senator Linehan says there is plenty of state funding for the cuts as well as for budget priorities. Nebraska Farm Bureau President Mark McHargue says while their priorities center around property tax reform, his group likes the idea of tax cuts in general.
Included in Linehan’s proposals is phase out of state income taxes on Social Security Income, and lower the state’s inheritance tax and corporate tax rates. McHargue says those measures are positive in helping the state’s overall economy as well as agriculture.
He says Senator Curt Friesen’s bill, LB 454 that came out of the Revenue Committee would fund many of the state’s schools not now getting funded. McHargue says his group likes that measure as it not only helps schools but has a positive impact on property taxes.
The Legislature’s Appropriations Committee also revealed its proposed $9.7 billion two year budget. That involves an increase in state tax revenue while setting aside an extra $211 million for Senators to give to tax cuts or spending initiatives.
