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...
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...
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...
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...
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...
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,...
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...
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...
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...
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...
In 2019, Nebraskans started paying sales tax on most of their online purchases. Little did we know back then that this policy would help the state weather the COVID-19 pandemic. According to the St. Louis Federal Reserve Bank, “e-commerce retail sales totaled $211.5 billion in Q2, an increase of $51.1 billion or 31.8% from the...
The 13th edition of the American Legislative Exchange Council’s national ranking of states was released, and Nebraska ranks 19th out of 50 on economic performance. (1 = best, 50 = worst) You might be asking yourself; how do they measure economic performance? Well, it looks backwards on how the state has performed in three different...
As part of a last-minute compromise in LB1107, Nebraska state senators have given final approval to a new property tax relief program (not, as Sarah Curry notes, property tax reform). The new program expected to be signed into law is called the Nebraska Property Tax Incentive Act, which will join the list of other state...