Governor Jim Pillen and state officials presented tax relief bills that will introduce the largest tax cuts in Nebraska’s history. One bill by Lou Ann Linehan will cut income and corporate taxes down to 3.99 percent by 2027. If enacted today, that would put Nebraska’s tax rate within the nation’s lowest 15.
The tax rate will be 6.27 percent in 2023. That number will go down to 5.7 and 5.13 percentage points in 2024 and 2025 respectively. In 2026, the tax rate will be 4.56 percent, and the 3.99 figure will come the following year.
Regarding social security income tax, the governor said, “Social security income tax is going to be cut to zero today. Now. It’s time. We can’t take that to be five years. It needs to happen now.”
Pillen held a press conference Tuesday regarding property tax and funding the state’s public schools.