Proposal (LB873) will reduce the state’s maximum income tax rate for individuals and companies, extend state income tax credits to real estate taxpayers, and accelerate the previously approved phasing out of state Income tax on income tax. The resulting decline in expected government revenue estimated by the Nebraska Department of Revenue will increase from $ 213.8 million in fiscal year 2023-24 to $ 867.2 million in fiscal year 2026-27.

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A largely unexpected rise in government revenue and the subsequent increase in the state’s cash reserves, dubbed the rainy day fund, helped support the large tax cut. According to the terms of the bill, the highest income tax rates for individuals and companies will be reduced to 5.84% in five years.

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The top individual percentage is currently 6.84%. the top corporate interest rate is 7.5%, but is already scheduled to fall to 7% next year. The bill includes a new repayable income tax credit for residents that applies to a portion of the property taxes they pay to support community colleges. The planned gradual abolition of the state income tax on Social Security benefits will be implemented in four years. Thursday’s vote marked a major legislative victory for Sen. Lou Ann Linehan of Elkhorn, chairman of the Legislature’s Revenue Committee, who spearheaded and defended the tax package during the debate, and Sen. Tom Briese of Albion. member of the committee that supported the additional reduction of the property tax. Governor Pete Ricketts celebrated the launch of the package on Facebook and Twitter. “For the past eight years, NELeg and I have been working to control government spending. It has allowed the largest tax cuts in Nebraska history to pass,” the governor wrote on Twitter. “I look forward to signing LB873 to return money to Nebraska working people.” The Nebraska Farm Bureau hailed the passage of the bill, describing it as a bold move that would be “transformative for farmers and ranchers and all Nebraska residents across the state.” “Once fully implemented over the next five years,” said Mark Bhargue, chairman of the Farm City Bureau, the tax cut package “will save Nebraska residents about $ 886 million in property taxes annually.” Nebraska Chamber of Commerce President Brian Sloan of Omaha said: “We appreciate the work of our state leaders in helping us build a strategy that changes the game for development” in the state. “You’re getting less than you tax, and Nebraskaners need more right now – more in their pockets to support their families, more private investment, more innovation, more high-tech jobs,” Sloan said. “A dynamic, growing economy with plenty to do and cutting-edge job opportunities is critical to attracting and retaining more people in Nebraska, especially our talented, younger generations entering the workforce,” he said. The OpenSky Policy Institute, a non-partisan think tank, took a completely different view, warning that “these tax cuts are bad news for most Nebraska residents.” “Wealthy and overseas companies will come a long way,” said OpenSky CEO Rebecca Firestone. “Over time, everyday Nebraskaners are likely to end up paying the bill through cuts in services they need or increases in other taxes or fees as soon as the federal funds that are currently boosting our economy stop flowing.”

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        Meet the Nebraska senators enacting laws in 2022

Ray Aguilar

Area 35 Ray Aguilar Grand Island Elected in 2020 402-471-2617 [email protected] Kind photo

Johnny Albrecht

Area 17 Johnny Albrecht Θέρστον Elected 2016, 2020 402-471-2716 [email protected] Kind photo

John Arch

Area 14 John Arch the view He was elected in 2018 402-471-2730 [email protected] Kind photo

Carol Blood

Area 3 Carol Blood Bellevue Elected 2016, 2020 402-471-2627 [email protected] Kind photo

Eliot Bostar

Area 29 Eliot Bostar Lincoln Elected in 2020 402-471-2734 [email protected] Kind photo

Bruce Bostelman

Area 23 Bruce Bostelman Brainard Elected 2016, 2020 402-471-2719 [email protected] Kind photo

Tom Bradt

Area 32 Tom Bradt Πλύμουθ He was elected in 2018 402-471-2711 [email protected] Kind photo

Tom Brewer

Area 43 Tom Brewer Gordon Elected 2016, 2020 402-471-2628 [email protected] …