Session Review: Revenue

The Revenue Committee advanced bills this session that would require online retailers to collect sales taxes on Nebraska transactions, create a tax credit for private school scholarship donations and provide more state aid to schools that rely on property taxes for a large portion of their funding.

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Bill would make reservations special economic impact zones

Under LB291, introduced by Sen. Tyson Larson of O’Neill, a qualified business could exclude from its income tax liability any income derived from sources within a special economic impact zone. As introduced, the bill also would have allowed businesses to exclude from sales and use taxes the first $10 million in purchases of goods or services for use within a special economic impact zone each year.

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