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...
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...