Session Review: Revenue
The Revenue Committee advanced bills this session that cut Nebraska’s top corporate income tax rate and will exempt military retirement pay and a percentage of Social Security income from state income tax.
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Revenue
Phased-in corporate tax cut, other tax measures approved
Lawmakers approved a bill May 21 that cuts Nebraska’s top corporate income tax rate by approximately one-half of 1 percent over the next two years.
Read moreTax incentive program updated
Lawmakers passed a bill May 20 that updates the provisions of a major tax incentive program passed in 2020.
Read moreSales tax turnback for sports complexes approved
The state will turn back new sales tax revenue to cities to help them build sports complexes under a bill approved by lawmakers May 20.
Read moreUrban redevelopment tax incentives created
Businesses that invest in urban areas with high poverty and unemployment rates may qualify for tax incentives under a bill approved by the Legislature May 20.
Read moreMicroenterprise tax credit changes approved
Senators passed a bill May 20 intended to modernize the state’s small business tax credit.
Read moreResidential water tax eliminated
Residential water service in Nebraska will no longer be taxed under a bill passed May 20.
Read moreTax incentives extended to nuclear energy firms
Companies that build nuclear power plants in Nebraska will be eligible for tax incentives under a bill passed by lawmakers May 20.
Read moreEthanol inputs exempted from state sales and use taxes
Lawmakers passed a bill May 20 containing several sales and use tax exemptions, including one for inputs used to manufacture ethanol.
Read moreSocial Security income tax partial phaseout approved
Lawmakers passed a bill May 20 to reduce taxation of Social Security income in Nebraska over several years with the intention of eliminating it entirely.
Read moreJoint hearing for property tax request increases approved
Certain political subdivisions must hold a joint public hearing before increasing their property tax requests under a bill passed by lawmakers May 19.
Read moreAg land valuation reduced for purposes of school bonding
Lawmakers approved a bill May 19 intended to shift the cost of school bonds away from owners of farm and ranch land.
Read moreState funding for rail access projects approved
The state will provide matching funds for the development of industrial rail access business parks under a bill passed by lawmakers May 19.
Read moreMilitary retirement pay excluded from state income tax
Nebraskans may exclude all of their military retirement benefit pay from state income tax under a bill approved by lawmakers May 19.
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Highway bonding proposal held until next session
The state highway commission could issue up to $400 million in bonds over the next six years to speed completion of Nebraska’s expressway system under a bill discussed on general file May 12.
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