News Release: Jim Vokal on $1 billion boost to state tax receipts
STATEMENT from the Platte Institute
Attachment: Photo of Jim Vokal
Contact: Adam Weinberg
(402) 500-0209
aweinberg@platteinstitute.org
Jim Vokal on Nebraska’s $1 billion boost in state tax receipts
OMAHA, NE – This is a statement by Platte Institute Chief Executive Officer Jim Vokal on newly-released Nebraska state revenues for the 2020-2021 fiscal year (more analysis and commentary on these figures can be found at PlatteInstitute.org and may be republished with attribution). A photo of Vokal is attached, and recordings of his comments are available for download in video format and audio format.
“Today, the Nebraska Department of Revenue released numbers showing that the State of Nebraska has collected $1 billion more in general fund revenue compared to the previous fiscal year. The state was originally expected to collect $5 billion and brought in nearly $6 billion. This session, the Legislature has topped off its rainy-day fund to exceed $800 million, and now revenues have come in 20% higher than the year before. Combined with the many opportunities Nebraska still has to broaden its sales tax base, the state now has everything it needs to create a tax system that is simpler, more sustainable, and supports growing investments in the state’s workforce, housing, and entrepreneurs.
There is no longer any need to make Nebraskans wait years to lay out a vision for a better tax system. When lawmakers return to Lincoln, they should have an answer to the bold moves being made in states all around us, red and blue. Of course, property taxes are top of mind for most Nebraskans, but our disadvantage on real estate property taxes is just the beginning. We have Iowa’s conservative governor signing legislation to eliminate the inheritance tax, Colorado’s progressive governor supporting income tax cuts and working to reduce business equipment property taxes, and in Missouri, the state passed a bipartisan bill to use online sales tax revenue to gradually bring down its tax rates to one of the lowest in the country.
We have the resources to take on all of these challenges and make Nebraska the best state in the region for opportunity. By focusing on building a tax code that aligns with a 21st century economy, Nebraska can create a plan to provide great public services and welcome the people and opportunities we all want to see in our state.”
Vokal is available for additional comment on the new revenue figures and what it can mean for tax modernization in the 2022 Nebraska Legislature. To schedule an interview, or for more information, please contact Adam Weinberg at (402) 500-0209 or aweinberg@platteinstitute.org.
The Platte Institute advances policies that remove barriers to growth and opportunity in Nebraska. More media resources are available at PlatteInstitute.org/Media.