Legislative Session Wraps Up This Week
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The tax reform bill, LB 873, will provide over 900 million dollars in reduced taxes for the citizens of the state of Nebraska over a 5-year period. You may see other articles criticizing this tax change, saying that there was no tax break for middle or low income taxpayers, but this is absolutely not true. I want to set the record straight, if you pay income taxes, you get a tax break. Some additional funds for property tax relief were included to help rectify the situation of the overburden/ overreliance on property taxes in the state, especially in K-12 education and community colleges. Those were two of the big components in LB 873, in addition to the phase out of the state income tax on social security benefits.