News Release: Legislative testimony for Feb. 18, 2021
NEWS RELEASE from the Platte Institute
Contact: Adam Weinberg
Legislative testimony for February 18: LB310 & LB377
Revenue Committee hears two proposals on inheritance tax
LINCOLN, NE – Today, the Nebraska Legislature’s Revenue Committee is set to hold hearings on two inheritance tax-related bills, Sen. Robert Clements’ Legislative Bill 310 and Sen. Wendy DeBoer’s Legislative Bill 377. The hearing will be in State Capitol room 1524 and begins at 9:30 a.m. Central Time.
Platte Institute Policy Director Sarah Curry will provide testimony in support of both bills. Curry’s written testimony is available at PlatteInstitute.org/Testimony, and a livestream of the hearing can be found courtesy NET Nebraska at this link.
LB310 would reduce Nebraska’s county inheritance tax rates and increase the amount of property value that is exempt from the tax over a period of years. The exemption amounts would also increase gradually in the years ahead, providing a pathway for lawmakers to phase out the tax in the future if desired. Currently, Nebraska’s top inheritance tax rate of 18% on property valued more than $10,000—which is paid by distant relatives and non-relatives—is the highest in the country.
LB377 would expand the definition of relatives for inheritance tax purposes, providing a lower tax rate for more family members. Nebraska currently imposes three tax rates for different classes of heirs, with more distant relatives and non-relatives paying higher tax rates.
Yesterday, Curry held a virtual news conference on a new Platte Institute report on Nebraska’s inheritance tax, along with commentary on today’s legislative proposals. A video recording of that discussion is available for download here. An audio version is available here. The content of the recording may be rebroadcast or republished with attribution.
For more information, please contact Adam Weinberg at (402) 500-0209 or firstname.lastname@example.org.
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