Smith resigns from Legislature
Sen. Jim Smith of Papillion announced his resignation from the Nebraska Legislature July 9, effective immediately.
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Sen. Jim Smith
Session Review: Revenue
The Revenue Committee advanced bills this session that update the state’s tax code to reflect federal changes, expand a tax credit for volunteer emergency responders and index for inflation the thresholds used when calculating the income tax liability of Nebraskans who receive Social Security benefits.
Read MoreState personal exemption credit, standard deduction approved
Senators passed a bill April 11 intended to prevent a tax increase on Nebraskans as a result of recent changes to federal tax law.
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Income tax credit on paid property taxes stalled
Lawmakers debated a proposal April 3 to provide income tax credits that partially offset the amount that Nebraskans pay in property taxes.
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Tax credit debated for private school scholarship donations
Lawmakers debated a bill March 23 that would create an income tax credit for those who donate money to nonprofits that grant scholarships to students to attend a private elementary or secondary school.
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State personal exemption credit, standard deduction advanced
Senators advanced a bill March 8 intended to prevent a rise in taxes on Nebraskans as a result of recent changes to federal tax law.
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Economic forecasting board raises revenue projections
The Nebraska Economic Forecasting Advisory Board voted to increase revenue projections during a Feb. 28 meeting at the Capitol. The board provides an advisory forecast of general fund receipts used by the Legislature to craft the state’s budget.
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Bills would restore personal exemption credit
The Revenue Committee heard testimony Feb. 7 on two bills intended to offset state revenue increases as a result of recent changes to federal tax law.
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Bill proposes income tax cuts, credit on property taxes paid
The Revenue Committee heard testimony Jan. 31 on a proposal to cut the state’s top individual and corporate income tax rates and to provide credits on property taxes paid.
Read MoreDay six bill introduction
Senators introduced 38 new bills on Jan. 10.
These included:
LB947, sponsored by Papillion Sen. Jim Smith, which would adopt the Nebraska Property Tax Cuts and Opportunities Act, change income tax rates and eliminate certain exemptions and credits;
Read MoreSession 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 to cut taxes, reduce ag land valuation falls short
A bill that would cut the state’s top income and corporate tax rates if projected state revenue growth meets certain targets and change the way agricultural land is assessed stalled on general file May 2.
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Tax cuts, new ag land valuation method debated
The Legislature debated a bill April 21 that would change the way agricultural land is assessed and cut the state’s top income and corporate tax rates if projected state revenue growth meets certain targets.
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Suspension of tax credits considered
The Revenue Committee held a special hearing March 28 on an amendment to a bill that is intended to help the state make up its current budget shortfall.
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Proposed income tax cuts tied to economic growth
A bill heard by the Revenue Committee Feb. 8 would incrementally reduce the state’s top income tax rate over the next decade if economic growth meets a benchmark rate.
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