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...
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...
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. You can find more free tips and resources about Truth in Taxation at PlatteInstitute.org/Truth. Nebraska Truth in Taxation Resource Page
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...
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 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...
In his State of the State Address, Gov. Pete Ricketts outlined his priorities for the next two years during the 107th Nebraska Legislature. He started by proposing only a 1.5% growth rate to the state’s budget while highlighting areas including property tax relief, making Nebraska more welcoming to veterans and the military, job licensing reform, public...
Some want states and the federal government to impose more taxes on automation, robots, and other business equipment. Tax Foundation Senior Policy Analysts Garrett Watson and Katherine Loughead discuss why that’s not as futuristic of an idea as it sounds. Resources mentioned on this podcast: Increasing the Tax Burden on Capital Investment and Automation Hurts...
The Nebraska Legislature’s Revenue Committee is the gatekeeper for all things tax. Eight state senators hold public hearings and decide which tax proposals move on from the bill introduction stage and receive consideration from the whole Legislature. Through 2019 and 2020, the committee was deeply dug into a process of trying to move forward on...
As the Nebraska Legislature gets started for the new biennium, there have already been a good number of bills filed relating to taxes and our state’s economy. I am anticipating more of these bills to be filed in the upcoming days, dealing with property taxes, income taxes, sales taxes, motor vehicle taxes, and more. A...
On 12/27 President Trump signed the legislation (H.R. 133) that sent businesses and individuals with additional COVID-19 relief. The enactment of this legislation not only created another round of PPP money, but more importantly it ensures tax deductibility for business expenses paid with PPP loans. This clarifies that loan forgiveness is not considered taxable income...
The Nebraska Department of Revenue announced that Nebraska’s gas tax, formally known as the motor fuels tax, will be declining in the new year. The total tax will decrease from 33.2 cents a gallon to 28.7 cents a gallon. The reduction follows a previous hike in the excise, which took effect in July. At the...
According to a new report by the Tax Foundation, Nebraska has a combined federal, state, and local tax rate of 29.13% on wireless services. Most of the tax is at the state and local level, comprising 19.30% of the total tax. For context, Illinois is the highest at 32.20% and Idaho is the lowest at...
Many Nebraska cities levy local sales taxes in addition to the state rate. Cities and counties in Nebraska are authorized to levy a local sales tax under the Local Option Revenue Act (applicable to cities) or Neb. Rev. Stat. §§ 13-319 to 13-326 (applicable to counties). This law allows cities and counties to levy their...