Legislative Bill Includes EPIC Option In Dealing with Taxes
March 13, 2023 7:59AM CDT
LINCOLN–(KFOR Mar. 13)–Bayard Senator Steve Erdman this legislative session would like to change taxes with his bill, LB 79, which includes what he calls EPIC Option. It stands for eliminating property, income and corporate taxes.
LB 79 proposes replacing those sources of revenue for the state with a consumption tax. The State Department of Revenue estimates that the bill would lose the state money, resulting in a net revenue loss of $763 million in fiscal year 2025-26, $2.3 billion in FY2026-27 and $5.1 billion in FY2027-28, according to a legislative release following the committee hearing for LB79.
Opponents also argue that low-income individuals will shoulder much of the burden.