A gusher of tax revenues poured into Nebraska state coffers in April, creating an unexpected revenue bump for the month when most Nebraskans file their annual tax returns. Revenues were strong across the board, with a surge in personal and corporate income taxes more than covering a slight underperformance in sales tax revenues. Nebraska’s surprisingly...
Nebraska entered the 2022 legislative session with its tax code ranked 35th in structural competitiveness, according to Tax Foundation’s 2022 State Business Tax Climate Index. The state will likely improve its position over the coming years as a result of tax changes made in LB873. However, projections show the state may only edge closer to...
Nebraska gained 400 non-farm payroll jobs in March and its unemployment rate fell from 2.1% to 2.0%, according to new data from the Bureau of Labor Statistics. The low unemployment rate ties Nebraska with Utah as the states with the lowest jobless rates. In addition, Nebraska’s strong February jobs gain was revised slightly upwards, thus...
Two factors determine a state’s overall tax competitiveness. The first factor is the total tax burden, measured as a portion of state income. The second factor is the structure of the state’s tax code – the manner in which those revenues are collected. The goal for tax competitiveness in Nebraska, then, is to maintain a...
Platte Institute Senior Policy Advisor Michael Lucci tells Jim Vokal an increasingly mobile workforce is prompting more states to take bold action on tax reform. A transcript of this episode is available below. If you’d like to watch this episode on YouTube, press play below. Or you can listen to the podcast on Spotify or...
Chris Ingstad of Iowans for Tax Relief joins Jim Vokal to update Nebraskans about major movements on tax policy in the Hawkeye State. A transcript of this episode is available below. If you’d like to watch this episode on YouTube, press play below. Or you can listen to the podcast on Spotify or Apple Podcasts....
The Nebraska-Iowa rivalry runs deep. Given the proximity of Nebraska’s largest cities, Iowa is usually considered our most comparable neighbor. And our states do have a lot in common. Nebraskans and Iowans often share family roots or even work across state lines. Some of our similarities are changing, though. Since the last time Nebraska beat...
The Nebraska Economic Forecasting Advisory Board met this week to forecast revenue figures that the Legislature will use as it takes up debate on the state’s mid-biennium budget in March. Revenue projections for the current fiscal year and FY2022-23 were raised based on anticipated increases across all tax receipt categories, including a projected $160 million...
Nebraska’s tax system funds critical government services. Though few people enjoy paying taxes, it’s worth tolerating a certain level of grumbling—and a certain level of sacrifice—to meet our commitments to the common good. But for a long time, many different groups of Nebraskans have been trying to tell their leaders they’re not happy with the...
In a December 2021 poll, Nebraskans said there’s a relationship between the state’s high taxes and its economic challenges with growing the workforce and population. These voters agreed that eliminating state income taxes on the first $50,000 individuals earn would help us complete for workers. These are the same 812 voters who previously told us...
This week, the Nebraska Department of Revenue released its monthly revenue receipts report for January 2022. Although sales and use tax revenues were 16.1% below forecast, net revenues for January 2022 were $495 million, or 10% above the certified forecast of $450 million. The breakdown of January 2022 net revenue receipts are as follows: Net Sales...
Dear Friend, Last week, senators gave final approval to Sen. Rob Clements’ LB310, which cuts Nebraska’s county-levied inheritance tax. Here are the provisions that would take effect in 2023: Reduces the top inheritance tax rate from 18% to 15%. Reduces the middle rate from 13% to 11%. The exemption amount for the 15% rate will...
The Nebraska Legislature has given final approval to Sen. Robert Clements’ Legislative Bill 310, which reduces Nebraska’s county-levied inheritance tax. The bill passed by a vote of 37-1. It now awaits the governor’s signature. With an amendment provided by the Legislature’s Revenue Committee and provisions from another inheritance tax-related bill by state Sen. Wendy DeBoer,...
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 Nebraska Property Tax Incentive Act, you need to make sure you’re filing the right form (Form PTC) when you submit your...