Approval of expanded gambling should boost property tax credit fund
Approval of expanded gambling should boost property tax credit fund
Nebraska’s 2020 election results are in and Initiative #431 passed, allowing the state to levy a 20% tax on all gross gaming revenue generated within licensed racetracks. Along with companion ballot measures approving expanded gambling, this means slot machines and table gambling will be allowed along with their respective regulations. The licensed horse racetracks in...
By Sarah Curry
These states set the example for a better Nebraska tax system
These states set the example for a better Nebraska tax system
Today, the 2021 State Business Tax Climate Index was released. Nebraska’s rank has remained unchanged from last year, which is unsurprising, because structural reform has not been accomplished in the Cornhusker State. However, states rising in the rankings, like Kentucky and North Carolina, have significantly overhauled their tax codes and have seen the positive benefits...
By Sarah Curry
Ranking shows no improvements to Nebraska’s business tax climate
Ranking shows no improvements to Nebraska’s business tax climate
In any organization, maintaining the status quo can create an opening for competitors to gain on you and even surpass you. That is exactly what’s happening to Nebraska with our latest ranking in the Tax Foundation’s 2021 State Business Tax Climate Index. In 2020, despite passing major tax legislation, Nebraska lawmakers did nothing to structurally...
By Sarah Curry
Tax Foundation calculations prompt explicit response from rapper 50 Cent
Tax Foundation calculations prompt explicit response from rapper 50 Cent
Many of us focus on the most hated tax in Nebraska, which is the property tax, but did you know the income tax can change some people’s minds about business decisions and even who they vote for? A tweet from rapper-turned-actor and entrepreneur 50 Cent implies he’d prefer the Trump tax policy based on analysis of...
By Sarah Curry
Nebraska’s September tax receipts above forecast
Nebraska’s September tax receipts above forecast
The Nebraska Department of Revenue released their report for September’s 2020 General Fund tax revenues today, and the state is continuing to recover from the recession we entered just a short 6 months ago. According to the department, the actual tax revenues are 5.4% higher for the fiscal year than projected by the state’s revenue forecasting...
By Sarah Curry
Property taxes are on the ballot in multiple states, but not Nebraska
Property taxes are on the ballot in multiple states, but not Nebraska
Most of the focus for the election this year has been on the presidential race, but did you know many states have property tax initiatives on their ballot this year? California Proposition 15 would undo the protections of California’s historic Proposition 13 property tax limitations and introduce “split roll” property taxation—commercial properties would be assessed...
By Sarah Curry
Local government spending dominates Nebraska’s state General Fund
Local government spending dominates Nebraska’s state General Fund
Your local property taxes go to your local community, and your state income and sales taxes pay for state services, right? Sometimes. But did you know that a significant amount of your state taxes are also redistributed back to local governments across Nebraska? According to a new report from the Nebraska Department of Revenue, in...
By Sarah Curry
New Jersey’s increasing debt and taxes show Nebraska what not to do
New Jersey’s increasing debt and taxes show Nebraska what not to do
Nebraska has avoided efforts to raise state taxes in the aftermath of the COVID-19 pandemic and is one of the few states whose revenues grew from the previous year. But states like New Jersey are providing an alternate view into what can happen when policymakers consistently rely on tax increases to paper over their financial...
By Sarah Curry
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
There’s a common argument that Midwest and Plains states like Nebraska have high property taxes because they’re larger states with relatively small populations. The idea is that pooling our limited resources for more miles of roads and school buildings naturally means property taxes will be higher. It sounds sensible, but there are other possibilities. Nebraska...
By Adam Weinberg