Brad VonGillern (N)
The Tax Cuts and Jobs Act (TCJA) of 2017 temporarily eliminated the factory tax by allowing full expensing for investments in business machinery and equipment in the year the investments occurred. This provision will expire beginning January 1, 2023.
The TCJA of 2017 also allowed for full expensing for investments in research and experimentation (R&E).
LB492 decouples from these sections of the federal tax code to allow full expensing to continue under Nebraska law and prevent a tax increase due to business investment. The Platte Institute supports.
Hearing Held on February 8, 2023