Robert Clements (N)
The Platte Institute provided testimony in support of LB310. Nebraska is one of only six states that levies an inheritance tax and one of only two states that tax children and grandchildren who receive inheritances from their parents or grandparents. Because the tax was created in 1901, many of its provisions are in need of modernization, including the relatively low amount of property value that is subject to tax. Nebraska’s top 18% inheritance tax rate on non-relatives and distant relatives is also the country’s highest tax rate. The amended version of LB310 would reduce the top county-collected inheritance tax rate and increase the amount of property that is exempt from the tax for lineal heirs from $40,000 to $100,000. Other important changes to in the amendment include a complete exemption from inheritance taxes for Nebraskans under age 22 and a new requirement for county treasurers to report to the Legislature annually about their inheritance tax collections.
LB310 was advanced to General File, the first round of legislative debate, with a committee amendment. Click here to view a livestream of the hearing.