GILTI stands for Global Intangible Low-Taxed Income. GILTI is a category of income that is earned abroad by U.S.-controlled foreign corporations and is subject to special treatment under the U.S. tax code, as well as states that levy a corporate income tax. This special treatment of foreign earned income is intended to prevent erosion of...
Joe Bishop-Henchman is no stranger to Nebraska tax issues. He discusses his new role at the National Taxpayers Union Foundation, where he’s challenging federal authorities who may seek to limit Nebraska’s control over its own tax and budget policies. Mentioned on this episode: Letter: NTU Requests Clarification on State Tax Provision in American Rescue Plan...
LB644, otherwise known as a Truth in Taxation bill, passed first round debate in the Nebraska Legislature, 36-1. Nine members were “present not voting.” The legislation moves Nebraska one step closer to providing more taxpayer engagement and transparency when local governments increase their property tax request. Under an approved amendment, LB644 will apply only to a county, city,...
A campaign in Omaha wants to help the city rethink its approach to housing options and affordability. Mentioned on this episode: Omaha Missing Middle Housing Campaign Build More Housing: Land Use Reform Opportunities for Nebraska’s Cities
In odd numbered years, the Nebraska Legislature enacts its biennial (two-year) budget. The Appropriations Committee’s proposal typically comes a few months after the governor releases their proposed budget at the State of the State address at the beginning of the year. The version coming out of the Appropriations Committee is the one that will be...
While our state and nation continue to recover from the COVID-19 pandemic’s impact on our economy, it is clear that Nebraska’s sales tax is a contributing factor to the state’s resiliency. Sales tax data released by the Department of Revenue gives us an itemized list of each city and county and their net taxable sales...
Lawmakers in Kansas have adopted a new law (SB13) that would directly notify property taxpayers about hearings on local tax increases resulting from higher property valuations. The policy, also known as Truth in Taxation, shares similarities with Nebraska state Sen. Ben Hansen’s 2021 priority bill, LB644. The Kansas Legislature passed this legislation last year, but...
Nicole Fox joins Jim Vokal to discuss an advancing proposal to notify Nebraska taxpayers about potential property tax increases. Resources mentioned on this episode: Poll shows Nebraskans favor more action on property taxes LB644: Truth in Taxation – Direct Notification of Property Tax Increase Hearings
Unemployment figures for the states were released for February 2021. Nebraska remains one of the national leaders at only 3.1% unemployment, following Utah and South Dakota at 3% and 2.9%, respectively. This is 0.1% points down from January and 0.1% up from the unemployment rate in Nebraska before the pandemic in February 2020. In February...
Nebraska’s already running a revenue surplus, but more federal funds are on their way for the state and local governments. Sarah Curry outlines five ways the money can be used to give Nebraska more flexibility for its future economic and financial goals. Read more about the Platte Institute’s recommendations for using federal relief in Nebraska...
Nebraska will receive around $5 billion from the American Rescue Plan Act (ARPA), the latest round of COVID relief enacted by Congress. Nebraska state and local governments were allocated more than $2.3 billion. Of that amount, the state of Nebraska will receive $1.1 billion, counties will get $375.2 million, and municipalities will be given $292...
Just days after the American Rescue Plan Act (ARPA) passed both houses of Congress and was singed into law by President Biden, many started questioning various provisions in the legislation. The one that has given the most pause is the provision that says states cannot cut taxes if they take relief money. A group of...
Executive Summary Public pension debts from three major municipal plans in Nebraska are approaching $1 billion, and an analysis of Omaha’s two municipal systems and Lincoln’s public safety plan suggest that this shortfall is likely to continue to expand unless policymakers make meaningful changes to how the city funds and manages the retirement plans. In...
The Platte Institute follows the action on most occupational licensing bills moving through the Legislature, as well as legislation introduced in other states. Since we’re just past half-way through the 90-day legislative session, a progress report seems in order. Sen. Rita Sanders’ LB389, introduced at the request of the governor, is moving through the Legislature...