Nebraska State Senators return to Lincoln next week to complete their 2020 legislative session with property tax relief one of their key priorities. That could be hampered by less state money available due to $230 million given recently to businesses in the form of tax breaks. Renee Fry, Executive Director of the Open Sky Policy Institute says allowing that money for tax breaks now could hurt opportunities to provide property tax relief, fund k-12 education or replenish the general fund.
She says Senators need to decouple the tax breaks now and decide later in January whether or not they can do that then.
Fry says giving businesses the tax break due to the pandemic is a bit of misnomer as some have gotten the tax break even though they’re currently thriving.
Fry says giving the tax breaks now will result in a $250 million loss of revenue over three years. The Nebraska Chamber of Commerce and the Omaha based Platte Institute both are against decoupling and in favor of the business tax breaks.
