Nebraska Forecasting Board Raises 2022 and 2023 Tax Revenue Projections Again
Nebraska Forecasting Board Raises 2022 and 2023 Tax Revenue Projections Again
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...
By Nicole Fox
2022 Unicameral Halftime Report
2022 Unicameral Halftime Report
This week marked the halfway point in the 60-day session of the 107th Legislature. A total of 593 bills and 9 constitutional amendment proposals were introduced this year. These proposals joined the 522 carryover pieces of legislation from the 2021 90-day long session. Here are highlights of this session’s key Platte Institute priorities. We focused...
By Nicole Fox
4 Smart Ways Blueprint Nebraska Fixes Our Tax System
4 Smart Ways Blueprint Nebraska Fixes Our Tax System
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...
By Jim Vokal
Voters support Blueprint Nebraska by 4 to 1 margin
Voters support Blueprint Nebraska by 4 to 1 margin
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...
By Jim Vokal
Nebraska’s January tax receipts see 10% boost over projections
Nebraska’s January tax receipts see 10% boost over projections
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...
By Nicole Fox
Civic Nebraska’s Nancy Petitto on The Unify Challenge
Civic Nebraska’s Nancy Petitto on The Unify Challenge
Civic Nebraska is sponsoring an online activity that pairs up Nebraskans from different points of view, to create conversation and build understanding statewide. Nancy Petitto joins Jim Vokal to discuss The Unify Challenge. Visit UnifyNebraska.com to learn more and find sign-up information. A transcript of this discussion is available below. You can also listen to the audio...
Jim Vokal’s Weekly Email: Inheritance Tax Update
Jim Vokal’s Weekly Email: Inheritance Tax Update
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...
By Jim Vokal
Nebraskanomics: Ernie Goss & Erin Norman on Inflation
Nebraskanomics: Ernie Goss & Erin Norman on Inflation
Creighton University economist Ernie Goss and Erin Norman, a polling and messaging expert for the State Policy Network, join Jim to discuss the impact of rising inflation on Nebraska’s economy and voter sentiments. A transcript of this discussion is available below. You can also listen to the audio version of Nebraskanomics on Apple Podcasts and...
Unicameral approves inheritance tax cut
Unicameral approves inheritance tax cut
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,...
By Jim Vokal
Bill would post Nebraska Legislature videos online
Bill would post Nebraska Legislature videos online
Senators serving on the Unicameral’s Executive Board of the Legislative Council recently met for a public hearing on Sen. Tom Brewer’s LB777, a bill that would require the creation of an online video archive of their proceedings in time for the 2023 session. The Executive Board is a special legislative committee that deals with the...
By Nicole Fox
A Blueprint for Better Broadband in Nebraska
A Blueprint for Better Broadband in Nebraska
Foreword by Jim Smith Jim Smith is Chief Strategy Officer at the Platte Institute and former President of Blueprint Nebraska. He also previously served as a State Senator and chaired the Transportation and Telecommunications Committee of the Nebraska Unicameral Legislature. In 2018 and 2019, I had the opportunity to work with business leaders from across...
Here’s how to get your new Nebraska property tax relief credit
Here’s how to get your new Nebraska property tax relief credit
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...
By Adam Weinberg