Platte Institute Nominated for State Policy Network Bob Williams Award
The Platte Institute is honored to be nominated for a State Policy Network Bob Williams Award: Biggest State Win. As a part of our nomination for this award, we outlined three historic victories:
Nebraska Income Tax Reform:
LB754 is a tour de force of income tax reforms. The individual and corporate income taxes are both overhauled by the bill, with top rates slashed, the tax structure flattened, and the tax base trimmed. These changes would significantly enhance Nebraska’s competitiveness and impact nearly every Nebraskan either directly or indirectly. The reforms are so broad that even some non-Nebraskans would be directly impacted.
Specifically, building upon prior legislation, the top individual and corporate tax rate is reduced from 6.84% and 7.81% respectively down to 3.99% making Nebraska regionally competitive. The Tax Foundation estimates that these changes will move Nebraska from the mid-30’s to a top 20 state.
For almost a decade, the Platte Institute championed the case for transformative income tax reform.
Nebraska Property Tax Reform:
LB243 provides property tax relief in a number of direct and indirect ways by repealing one property tax, growing tax credit programs, and partially limiting the growth in school district taxes.
By repealing the community college property tax, a recommendation by the Platte Institute, Nebraska taxpayers will save approximately 6%on their property tax bill. Further property tax relief comes in the form of an additional $250 million annually through the expansion of the property tax credit program. Finally, future property tax reductions are expected through a limitation of the growth of school district taxes.
Nebraska School Choice: The Opportunity Scholarships Act
Prior to this enabling legislation, Nebraska was the last state in the county without school choice. This historic piece of legislation supported by the Platte Institute provides additional opportunities for lower-income families to attend a private school of their parents’ choice.
With LB753, the state would provide $25 million in total income tax credits to incentivize donations to scholarship granting organizations. The program would give priority to families at 100% poverty level as well as students with exceptional needs.