A revised tax cut proposal has cleared the Revenue Committee and now goes to the full Nebraska Unicameral for debate.
The measure retains the Property Tax Relief Fund and creates a refundable tax credit for agricultural property which gradually increases to 20-percent by 2027. Residential property tax relief would inch up at a slower rate. The corporate income tax rate would gradually drop to just under 7-percent.
Senator Jim Smith of Papillion, the Revenue Committee chair, says a cut of the individual income tax has been eliminated. . .

Smith says the tax cut package is important for economic development, and job growth.

Smith says that even with the revisions, it will be tough to get the 33 votes needed to overcome an expected filibuster.