Is tax reform a tired trope in Nebraska politics, or do Nebraskans really consider the state’s tax system out of step with their economic concerns? A new Platte Institute poll shows most Nebraska voters do think tax policy is part of the reason the state struggles to compete and grow its workforce, and there’s broad...
Nebraska’s state tax revenues remained above projections overall at the end of calendar year 2021. According to the most recent Nebraska Department of Revenue news release, although miscellaneous tax revenues were 28.5% below forecast, net revenues for December 2021 were $509 million or 7.4% above the certified forecast. December tax refunds were also $6 million...
The Tax Foundation’s Annual State Business Tax Climate Index tracks which states offer the most competitive tax codes. Vice President for State Projects Jared Walczak joins Jim to discuss Nebraska’s unfinished business in 2022. A transcript of this discussion is available below. You can also listen to the audio version of Nebraskanomics on Apple Podcasts...
Nebraska lawmakers are set to debate Sen. Rob Clements’ Legislative Bill 310, which would reduce the inheritance tax levied by county governments. Meanwhile, some legislators are supporting measures to end the inheritance tax altogether, including Sen. Joni Albrecht’s recently filed AM1511, which would phase out the tax by 2028. A December 2021 Platte Institute poll...
The chair of the Unicameral’s budget-writing Appropriations Committee joins Jim to discuss the financial picture for Nebraska and the qualities that he’d suggest his colleagues look for in a successor for leading the committee. A transcript of the discussion is available below. You can watch the video on YouTube or listen to the podcast episode on...
Nebraska has fallen in the ranks of the Tax Foundation’s annual State Business Tax Climate Index. In the 2022 Index, Nebraska dropped 2 places in the overall ranking, landing at 35th out of 50, with 1st being the best. Looking at the breakdown, the state ranks best for unemployment insurance tax and sales tax. These tax...
Nebraska’s November 2021 state general fund revenue report shows the state continues to have good news regarding its revenue projections. Net revenues for the month were 7.7% above forecast (approximately $40 million) while the net revenues for the fiscal year are 1.7% above the forecasted amount. The projections in the November release are based upon...
Tom Henning, a Kearney-based food industry executive, serves on the Nebraska Economic Forecasting Advisory Board, which projects how much tax revenue the state will bring in each year. He joins Jim to discuss the latest revenue numbers, how the board uses economic data to make its estimates, and what current economic trends suggest may be...
Over the last few months, Nebraska’s tax revenues have been exceeding expectations, and now for the month of October they are meeting expectations. This doesn’t mean the state has slowed in its post-pandemic growth. Just a few weeks ago, the Nebraska Revenue Forecasting Board revised the state’s expected revenue forecast, increasing the total by $475...
CPA Jim Greisch discusses why more than $50 million in property tax relief credits have gone unclaimed so far, and the alternatives offered by Blueprint Nebraska’s tax modernization plan. A transcript of the discussion is available below. You can watch the video on YouTube or listen to the podcast episode on Apple Podcasts or Spotify. Mentioned on this episode:...
Today, the Nebraska Revenue Forecasting Board convened to meet its statutory obligation to update the state’s revenue estimates. These figures will be used when the Legislature convenes in January 2022 until the forecast is updated again at the end of February. The theme in today’s meeting was inflation—the impact it will have on the state’s...
In a late 2020 Nebraska Legislature session delayed by the COVID-19 pandemic, senators enacted a new property tax relief program under Legislative Bill 1107. The program created a state income tax credit that went into effect for the 2020 tax year. Nebraska real property owners were able to file in 2021 and receive credit from...
Nebraska’s September state tax revenue collections continue to be positive, as all major tax types (sales, personal income tax, and corporate income tax) are posting above forecast. The only tax type not to meet its expected forecast are miscellaneous taxes. This tax category includes cigarette and tobacco taxes, the state tire fee, mechanical amusement device...
There have been a lot of tax changes at the state and federal level in the last few years, one of which is the taxation of foreign income, otherwise known as GILTI. GILTI stands for Global Intangible Low-Taxed Income. It’s a category of income that is earned abroad by U.S.-controlled foreign corporations and is subject to special treatment under...