Nebraska’s September state tax revenue collections continue to be positive, as all major tax types (sales, personal income tax, and corporate income tax) are posting above forecast. The only tax type not to meet its expected forecast are miscellaneous taxes. This tax category includes cigarette and tobacco taxes, the state tire fee, mechanical amusement device...
There have been a lot of tax changes at the state and federal level in the last few years, one of which is the taxation of foreign income, otherwise known as GILTI. GILTI stands for Global Intangible Low-Taxed Income. It’s a category of income that is earned abroad by U.S.-controlled foreign corporations and is subject to special treatment under...
Here’s an update in the story of Bridgeport, Nebraska veteran Mike Beyer. Upon completing eight years in the U.S. Navy as a construction electrician, along with an 8,000-hour apprenticeship in the military, Mike was prevented from testing for a Nebraska license to begin his civilian career. In this video, Mike explains how sharing his story...
The COVID-19 pandemic has resulted in an unprecedented amount of money sent to the state of Nebraska from the federal government. First, the CARES Act sent $1.25 billion directly to the state. However, when you include all the money sent to the various agencies and operations, the total was closer to $10 billion. Then, the...
During the height of the pandemic and directed health measures that caused businesses across the state to close, Nebraska saw its unemployment rate jump to 8.3%, or 86,300 people actively looking for work. This was the most people filing unemployment claims ever in the history of recording unemployment data. Nebraska paid a total of $1,423,551,932...
For 2021, the Nebraska Legislature increased funding for the Property Tax Credit Fund by $25 million, to a total of $300 million. The state distributes the money from the fund to local taxing subdivisions. Then, your county treasurer credits your property tax bill based on your valuation. However, it has no bearing on how much...
Nebraska August tax revenues have been reported by the Department of Revenue, and the result continues to be positive, as all tax types are posting above forecast figures. For the month of August, net revenues were 9% above forecast, or in excess by $46 million. Personal income tax collections for the month posted double-digit percentages...
Tax attorney Tom Yamachika of the Tax Foundation of Hawaii explains how the types of taxes states have, or the way they are designed, can cause states to lose revenue or to impose higher tax rates than necessary. A transcript of the discussion can be found below. You can watch the video on YouTube or listen to...
William Glasgall and former New York Lt. Gov. Richard Ravitch of the Volcker Alliance join Jim to discuss why a major influx of federal money might be mismanaged under current local government financial practices. A transcript of the discussion can be found below. You can watch the video on YouTube or listen to the podcast episode...
The complete economic and fiscal impact report on the Blueprint Nebraska tax modernization plan by Regional Economic Models, Inc. is available in PDF format at this link. This page provides Blueprint Nebraska’s summary of that report. Nebraska has an outdated tax system that features relatively high taxes and inefficient and unpredictable funding of essential government services....
The news of the latest federal infrastructure bill, which follows the CARES Act and the American Rescue Plan Act, has some people worried about the amount of debt and spending our country is taking on. And while that is happening far away from Nebraska, many of us don’t think about the impact these spending plans...
In our last episode, we discussed some of the practical and economic reasons why Nebraska should eliminate more of its sales tax exemptions. Now, let’s talk about crafting a vision for a better tax system, and how modernizing the sales tax fits into any plan to make bold changes in our state. You can watch...
Blueprint Nebraska, a campaign dedicated to increasing Nebraska’s economic growth and competitiveness over the next decade, has released its proposed framework for bringing Nebraska’s tax system into the 21st century. Blueprint Nebraska’s Taxation & Incentives Industry Council took insights from surveys, public forums, and tax policy research to develop a plan that gives Nebraska a...