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...
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...