Organizations are commenting on the passage of LB 873, a bill that addressed income, corporate, and property tax relief.
Nebraska Chamber of Commerce President Bryan Slone said “A dynamic, growing economy with lots to do and cutting-edge job opportunities is critical to attracting and retaining more people in Nebraska, especially our talented, young generations entering the workforce. You get less of what you tax, and Nebraskans need more right now – more in their pockets to support their families, more private investment, more innovation, more high-tech jobs. We appreciate the work of our state leaders in helping us build a game-changing strategy for growth.”
The bill reduces individual and corporate income tax top rates over five years to 5.84%. The bill offers income tax credits for property taxes paid to community colleges. The bill boosts total income tax credits available for property taxes paid to local schools to $548 million for 2022 and $567 million for 2023. The bill completely phases out income taxes on social security by 2025.
OpenSky Policy Institute also released a statement by Executive Director Rebecca Firestone regarding the tax cuts passed by the Legislature.
“These tax cuts are bad news for most Nebraskans. The wealthy and out-of-state corporations will come out way ahead while in time, everyday Nebraskans will likely end up footing the bill by way of cuts to services they need or increases in other taxes and fees, once the federal funds that are currently bolstering our economy stop flowing.”