Tax Policy

2020 property tax credits will decline from previous year

2020 property tax credits will decline from previous year

Nebraska’s $275 million property tax credit program is expected to be worth a little less to property owners when they pay their 2020 tax bills. The Nebraska Department of Revenue has released its annual calculation for how much credit taxpayers will receive from the state’s current property tax relief program. For the 2020 tax year,...

By Adam Weinberg

State revenues look positive despite unexpected drop in corporate tax collections

State revenues look positive despite unexpected drop in corporate tax collections

The report for August 2020 state General Fund tax revenues was released today, September 15, and the state looks to be recovering from the recession we entered just a few months ago. According to the Nebraska Department of Revenue, the actual tax revenues are 6.4% higher for the fiscal year than projected by the state’s...

By Sarah Curry

City of Omaha waiving restaurant tax penalties

City of Omaha waiving restaurant tax penalties

Restaurants in the City of Omaha have received some good news. On September 3, Mayor Jean Stothert announced that the city’s Finance Department has been directed to forgive late fees on restaurant tax payments due from March through the end of 2020. Nebraska’s first positive COVID-19 case hit the Omaha metro on March 6. As...

By Nicole Fox

Don’t die in Nebraska: How the county inheritance tax works

Don’t die in Nebraska: How the county inheritance tax works

There are only six states in the nation that levy an inheritance tax, and Nebraska is one of them. In fact, Nebraska has the highest top rate at 18%. According to a local law firm, “When a person dies a resident of Nebraska or with property located in Nebraska, the Nebraska county inheritance tax will...

By Sarah Curry

Don’t be dense: Geography alone can’t explain Nebraska property taxes

Don’t be dense: Geography alone can’t explain Nebraska property taxes

A tweet by The Omaha World-Herald’s Lincoln Bureau Chief Paul Hammel compares the latest average property tax rates between states and makes reference to a piece of conventional tax wisdom that often goes unquestioned. NE ranks No. 8 in the U.S. for highest property taxes by @TaxFoundation today as measured as a percentage of owner-occupied...

By Adam Weinberg

Why the online sales tax was a good move for Nebraska

Why the online sales tax was a good move for Nebraska

In 2019, Nebraskans started paying sales tax on most of their online purchases. Little did we know back then that this policy would help the state weather the COVID-19 pandemic. According to the St. Louis Federal Reserve Bank, “e-commerce retail sales totaled $211.5 billion in Q2, an increase of $51.1 billion or 31.8% from the...

By Sarah Curry

New property tax legislation will not help national ranking

New property tax legislation will not help national ranking

The 13th edition of the American Legislative Exchange Council’s national ranking of states was released, and Nebraska ranks 19th out of 50 on economic performance. (1 = best, 50 = worst) You might be asking yourself; how do they measure economic performance? Well, it looks backwards on how the state has performed in three different...

By Sarah Curry

The Nebraska Property Tax Incentive Act: What’s good about it, and what’s not?

The Nebraska Property Tax Incentive Act: What’s good about it, and what’s not?

As part of a last-minute compromise in LB1107, Nebraska state senators have given final approval to a new property tax relief program (not, as Sarah Curry notes, property tax reform). The new program expected to be signed into law is called the Nebraska Property Tax Incentive Act, which will join the list of other state...

Withholding taxes show impact of Nebraskans still out of work

Withholding taxes show impact of Nebraskans still out of work

It is no secret there are economic consequences to the COVID-19 pandemic, but some figures might be misleading policymakers and people’s perception of state revenues and the economy. While Nebraska is weathering the pandemic’s economic storm relatively better than many states, there is still reason to pause when looking at the revenue numbers. The federal...

By Sarah Curry

67% of Omaha town hall participants dissatisfied with property tax compromise

67% of Omaha town hall participants dissatisfied with property tax compromise

At our fifth and final Virtual Property Tax Town Hall of the summer, Omaha area voters and taxpayers had the chance to weigh in on a number of online straw polls on property tax issues. While most of these poll questions were asked of previous participants, the Legislature’s recent advancement of LB1107 gave us the...

By Adam Weinberg

Legislature advances property tax relief, not reform

Legislature advances property tax relief, not reform

On August 5, Nebraska lawmakers debated and advanced LB1107, a comprehensive tax and economic package including new property tax relief measures. The Legislature previously debated a separate plan, LB1106 in July, which failed to receive the required 33 votes to overcome a filibuster. LB1107 is a compromise in every sense of the word. Both Republicans and...

By Sarah Curry

Southeast Nebraska voters split on property tax reform issues

Southeast Nebraska voters split on property tax reform issues

Participants in the Platte Institute’s Southeast Nebraska Virtual Property Tax Town Hall voted in five online straw polls on property tax issues. The totals below may not add to 100% due to rounding. While these voters expressed similar sentiments to previous respondents on the impact of COVID-19 on their priorities, and a desire to see...

By Adam Weinberg