Nebraska’s Economic Forecasting Advisory Board met today to confirm the state’s positive outlook on tax collections. Because the state of Nebraska operates under a biennial, or two-year budget, the forecasting board only holds it April meeting every other year. Their annual meetings occur in October and February. This meeting was different from most because of...
Jo Ellen Stock, Assistant Vice President of State and Local Taxes for Union Pacific, and Lori Scott, an Omaha-area philanthropist with a background in education and health care, have been elected to the Platte Institute’s board of directors. The board of directors currently has 11 members who are responsible for overseeing the organization’s mission and...
April is a very important month in the government world. Typically, that is when the tax filing deadline occurs, and budget writers get to see if the state collected as much tax revenue as they anticipated. However, this has been slightly altered for 2021, with Nebraska electing to extend the filing deadline to May 17, 2021...
GILTI stands for Global Intangible Low-Taxed Income. GILTI is a category of income that is earned abroad by U.S.-controlled foreign corporations and is subject to special treatment under the U.S. tax code, as well as states that levy a corporate income tax. This special treatment of foreign earned income is intended to prevent erosion of...
Joe Bishop-Henchman is no stranger to Nebraska tax issues. He discusses his new role at the National Taxpayers Union Foundation, where he’s challenging federal authorities who may seek to limit Nebraska’s control over its own tax and budget policies. Mentioned on this episode: Letter: NTU Requests Clarification on State Tax Provision in American Rescue Plan...
LB644, otherwise known as a Truth in Taxation bill, passed first round debate in the Nebraska Legislature, 36-1. Nine members were “present not voting.” The legislation moves Nebraska one step closer to providing more taxpayer engagement and transparency when local governments increase their property tax request. Under an approved amendment, LB644 will apply only to a county, city,...
While our state and nation continue to recover from the COVID-19 pandemic’s impact on our economy, it is clear that Nebraska’s sales tax is a contributing factor to the state’s resiliency. Sales tax data released by the Department of Revenue gives us an itemized list of each city and county and their net taxable sales...
Lawmakers in Kansas have adopted a new law (SB13) that would directly notify property taxpayers about hearings on local tax increases resulting from higher property valuations. The policy, also known as Truth in Taxation, shares similarities with Nebraska state Sen. Ben Hansen’s 2021 priority bill, LB644. The Kansas Legislature passed this legislation last year, but...
Just days after the American Rescue Plan Act (ARPA) passed both houses of Congress and was singed into law by President Biden, many started questioning various provisions in the legislation. The one that has given the most pause is the provision that says states cannot cut taxes if they take relief money. A group of...
This week, the IRS announced that Tax Day is being pushed back to May 17 to give Americans more time to prepare and pay their federal taxes, and in a news conference, Gov. Pete Ricketts announced that the Nebraska Department of Revenue will follow suit. The extension for filing and payment is for everyone except...
It’s no secret Iowa has high taxes and an outdated tax code. Their state legislature recognized that when it enacted a tax reform package in 2018 that phased in changes to modernize their tax system. Iowa did a lot of what Nebraska lawmakers aim to do: Reduce top tax rates, expand the sales tax base,...
A letter signed by 21 state Attorneys General, including Nebraska, was sent to Treasury Secretary Janet Yellen explaining their concern over the unconstitutionality of restrictions regarding the indirect use of COVID-19 relief funds. In section 9901 of the American Rescue Plan Act (ARPA), there is a provision that forbids states from using the COVID-19 funds...
President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law shortly after its passage in Congress on March 11. While the plan is overwhelmingly popular with the American people, there is a small provision in the legislation causing some uncertainty and concern for Nebraska. Under ARPA, states are eligible to receive a...
Nebraska’s state tax revenues have posted strong positions just one year after the historic nationwide shutdown for the COVID-19 pandemic. According to the most recent Nebraska Department of Revenue news release, gross revenues for the month of February were $617 million or 24.2% above the certified forecast. However, the bigger surprise is that net revenues...