Nebraska Governor Pete Ricketts and State Senator Jim Smith of Papillion have mentioned their intentions during the next session of the Unicameral to put forward different tax reform packages for legislative consideration. Nebraska Farm Bureau Senior Economist Jay Rempe says while overall tax reform is positive the most important thing that needs to be done is passage of more property tax relief.
He says property taxes have had and continue to have a major detrimental impact on the state’s farmers and ranchers.
The Platte Institute has prepared a tax study that urges wide ranging tax reform that reduces top line corporate and individual income tax rates while broadening the sales tax base and reducing corporate tax credits. Rempe says while it’s important to tie tax relief to economic growth there are other factors that need to be considered.
The Platte Institute study also indicated that Nebraska’s current tax code is designed around a 20th century economy and lacks the flexibility to take on the dynamics of the 21st century.
