Nebraska’s Surging Tax Revenues Should Accelerate Reforms
Nebraska’s Surging Tax Revenues Should Accelerate Reforms
What to do with Nebraska’s surging tax revenues is a problem every policymaker would like to face. Nebraska legislative leaders have already pointed to the best solution. Senator Lou Ann Linehan, who chairs the Revenue Committee, argued that the surplus revenue “has to go back to the taxpayer.” The best way to do that, Sen....
By Michael Lucci
Nebraska Income Tax Modernization
Nebraska Income Tax Modernization
Nebraska’s income tax was created in the Nebraska Revenue Act of 1967 and has been applied to both individuals and corporations since its creation. The income tax was increased soon after it was created, and it evolved into a less competitive structure over its first few decades. Nebraska policymakers took steps to improve the competitiveness...
By Michael Lucci
Nebraska Sales Tax Modernization
Nebraska Sales Tax Modernization
Nebraska was one of the last states to adopt a sales tax, allowing the Cornhusker State to benefit from the decades of sales tax experience in other states. Nebraska policymakers can once again fuse their knowledge from decades of sales tax experience with the principles of sound taxation to update Nebraska’s sales tax for the...
By Michael Lucci
Nebraska property tax modernization
Nebraska property tax modernization
Nebraska’s property tax is older than the state itself, and old taxes benefit from being updated as the state economy evolves. Property taxation was first instituted in 1857, under a territorial legislature, and then became a statewide tax when Nebraska achieved statehood in 1867. Nebraska leaders have iteratively updated the property tax system throughout the...
By Michael Lucci
Missouri Tax Reform Heightens Tax Competition on Nebraska’s Border
Missouri Tax Reform Heightens Tax Competition on Nebraska’s Border
Missouri Governor Mike Parsons signed a tax reform package into law on Wednesday, October 5th, improving Missouri’s individual income tax. Senate Bills 3 and 5 will advance the Show-Me State towards a lower, flatter income tax structure by enacting near-term rate cuts with more rate cuts scheduled for coming years. The tax cuts will result...
By Michael Lucci
Nebraska’s Property Tax Relief Needs to Deliver for all Taxpayers
Nebraska’s Property Tax Relief Needs to Deliver for all Taxpayers
Governor Pete Ricketts held a press conference on September 15th to encourage Nebraskans to claim their property tax credits. The Department of Revenue’s website has the relevant documents, here, for Nebraskans who have not yet claimed their credits. Taxpayers can claim a credit worth up to 30% for their school property taxes paid, depending on...
By Michael Lucci
What you need to know about Truth in Taxation in Nebraska: Part 2
What you need to know about Truth in Taxation in Nebraska: Part 2
As a reminder, beginning this year, Nebraska’s counties, cities, school districts, and community colleges are required to directly notify taxpayers and hold joint public hearings if the budget they propose requires a more than 2% plus the real growth rate increase in property tax revenue compared to the previous year. This process is formally known...
By Elizabeth Hallgren
A Nebraska homeowner couldn’t pay $600 in property taxes, and lost $60,000 in home equity
A Nebraska homeowner couldn’t pay $600 in property taxes, and lost $60,000 in home equity
The Pacific Legal Foundation has asked the Supreme Court to hear a case questioning the constitutionality of a Nebraska law that allows counties to sell property tax liens to private entities, who can then take the property, and any equity that the owners have in excess of the tax obligation they owed. This process is known...
By Laura Ebke
Nebraska’s K-12 Finance System Lacks Transparency and Is Too Dependent on Property Taxes
Nebraska’s K-12 Finance System Lacks Transparency and Is Too Dependent on Property Taxes
For decades, Nebraska’s public school funding system has exerted major influence over the state’s tax policy. In 1989, the state adopted the Tax Equity and Educational Opportunities Act (TEEOSA), in an attempt to alleviate disparities in property tax burdens and education funding between districts by having the state take on a larger responsibility in funding...
By Christian Barnard
What you need to know about Truth in Taxation in Nebraska: Part 1
What you need to know about Truth in Taxation in Nebraska: Part 1
Truth in Taxation was passed by the Nebraska Legislature in 2021 and will be implemented for the first time in September 2022. This is the first blog in a two-part series. In this post I will introduce you to why Nebraska needs Truth in Taxation and what you can expect from the process. In the...
By Elizabeth Hallgren
Mark your calendar for Nebraska property tax hearings
Mark your calendar for Nebraska property tax hearings
In September, every taxpayer who has at least one taxing entity on their bill participating in a Truth in Taxation hearing will receive a mailed postcard with public hearing information. Legally, all hearings must be held after 6 p.m. between September 17 and 28, and postcards must be in the mail 7 days before a...
By Adam Weinberg