Nebraska Advances Sweeping Income, Property Tax Package

Photo courtesy of Jeff Motz, KFOR News.

(KFOR NEWS March 31, 2022) LINCOLN, Neb. (AP) – Nebraska lawmakers have given initial approval to a large, multi-pronged tax package despite concerns that it would send the biggest benefits to high income-earners.

The bill would cut the top personal and corporate income tax rates, create a new tax credit for property owners and accelerate the phase-out of a Social Security income tax that lawmakers approved last year. It advanced, 44-0, through the first of three required votes Wednesday, although some lawmakers said they would push for more changes.

Supporters say the measure would make Nebraska more attractive to seniors and businesses and competitive with its neighboring states.