Tax Policy

Nebraska Forecasting Board shows optimism with increased projected state revenues

Nebraska Forecasting Board shows optimism with increased projected state revenues

The Nebraska Revenue Forecasting Board met today to discuss the status of the state’s revenue picture. This year the state of Nebraska will be drafting its two-year, or biennial, budget and will need an accurate forecast of state revenues. Overall, the mood of the meeting was very optimistic. On a national scene, Nebraska is recovering...

By Sarah Curry

Colorado’s Democratic governor proposes ending property taxes on business equipment

Colorado’s Democratic governor proposes ending property taxes on business equipment

Colorado’s Democratic Gov. Jared Polis presented his State of the State address this week. In the speech, Polis proposed to make his state the latest to scrap personal property taxes on business equipment. A proposal moving in the same general direction is being considered this session in Montana, where the exemption would be doubled to...

By Adam Weinberg

The Full Platter Podcast: Death and Taxes

The Full Platter Podcast: Death and Taxes

Nebraska is one of only six states that levies an inheritance tax, but senators in both parties are working on ways to reduce the burden on families and businesses. Jim Vokal and Sarah Curry discuss a new report on one of Nebraska’s least understood taxes. Resources mentioned in this episode: Death and Taxes: Nebraska’s Inheritance...

Death and Taxes: Nebraska’s Inheritance Tax

Death and Taxes: Nebraska’s Inheritance Tax

Executive Summary Nebraska has been seeking ways to modernize its tax code for several years, and unfortunately, the inheritance tax has often been left out of the analysis. The inheritance tax is a worthy subject for tax modernization and reform because only six states continue to have this tax: Iowa, Kentucky, Maryland, Nebraska, New Jersey,...

By Sarah Curry

Inheritance taxes can cancel the dreams of Nebraskans and newcomers

Inheritance taxes can cancel the dreams of Nebraskans and newcomers

Do you remember Bless This Mess? The ABC sitcom took place in the fictional town of Bucksnort, Nebraska, and was canceled after two seasons. I started watching, thinking someday it might inspire an article. Here goes. While the show found its detractors, I stuck around for its Parks and Rec-like zaniness. It follows urban millennials...

By Adam Weinberg

Nebraska netted $453 million in taxes in January, annual revenues higher than before pandemic

Nebraska netted $453 million in taxes in January, annual revenues higher than before pandemic

Nebraska’s January state tax revenue report was released this morning and it shows a very strong picture for the Cornhusker State, despite some in Washington continuing to claim that states need more federal aid. January net receipts were $453 million. That is 19.1% above the forecast. Net Sales and Use: 14.5% above forecast Net Individual...

By Sarah Curry

Here’s how to get your new Nebraska property tax relief credit

Here’s how to get your new Nebraska property tax relief credit

In the past, Nebraska’s main property tax relief program appeared automatically on your property tax bill. While that program will continue, to benefit from the income tax credit provided to property taxpayers in the newly enacted Nebraska Property Tax Incentive Act, you need to make sure you’re filing the right form when you submit your...

By Adam Weinberg

Poll shows Nebraskans favor more action on property taxes

Poll shows Nebraskans favor more action on property taxes

Revenue Committee Chair Sen. Lou Ann Linehan is beginning to set an agenda for tax modernization in the 2021 Legislature. In a news release from her legislative office, the Elkhorn-area senator pointed to a recent Tax Foundation report that provides backing for a number of policy ideas her colleagues have introduced, including requiring voter approval...

By Jim Vokal

Nebraska posting strong revenues in nationwide study of pandemic impact

Nebraska posting strong revenues in nationwide study of pandemic impact

Nebraska has posted strong state tax revenues during the pandemic, yet many in Washington D.C. keep calling for more state aid. Is Nebraska an outlier or are other states doing as well as the Cornhusker State? According to data collected and published by the Reason Foundation, the revenue shortfalls for state and local governments are...

By Sarah Curry

Rural states are keeping a closer eye on business equipment taxes

Rural states are keeping a closer eye on business equipment taxes

Last year, agriculture groups warmly received the Nebraska Legislature’s passage of a major tax package providing income tax credits for school property taxes paid on real estate, like homes, buildings, and farmland. Less reported, though, is that to help pay for the change, the Unicameral also ended a different type of property tax relief impacting...

By Adam Weinberg

The Full Platter Podcast: Truth in Taxation

The Full Platter Podcast: Truth in Taxation

A transparency proposal in the Legislature would prevent taxpayers from being blindsided by local property tax increases, and give them more of a voice in the process that decides their tax bill. Here are resources mentioned in this episode, along with some helpful links: The Platte Institute Take Action Section LB644: Truth in Taxation Platte...

Iowa advances bill to repeal inheritance tax while Nebraska focuses on reform

Iowa advances bill to repeal inheritance tax while Nebraska focuses on reform

Bill introduction has ended for the 2021 Nebraska Legislature, and two bills were filed to reform Nebraska’s antiquated, and increasingly uncommon, inheritance tax. In fact, yet another neighboring state might soon ditch its own inheritance tax. SSB 1026, which would repeal Iowa’s inheritance tax if approved, was advanced unanimously from an Iowa Senate subcommittee. It...

By Sarah Curry

The Full Platter Podcast: 21 Great Bills for 2021

The Full Platter Podcast: 21 Great Bills for 2021

Senators have introduced hundreds of bills in the new legislative session. We discuss 21 of them that we’re supporting to remove barriers for Nebraskans in 2021. Resources mentioned in this episode: The Platte Institute’s Take Action Page Find Your Senator Wyoming Legislature considers universal recognition of occupational licenses Bills discussed in this episode (listed by...

Nebraska issued $112 million in tax refunds in December

Nebraska issued $112 million in tax refunds in December

Nebraska gross tax revenues for the month of December were overall very strong. Every category was above forecast for the month except for gross personal income tax, which was 3.4%, or $7.6 million, below forecast. When we look at the fiscal year net revenues, Nebraska remains ahead of projections. The state is currently 7.9% or...

By Sarah Curry