{"id":32133,"date":"2022-03-23T09:51:03","date_gmt":"2022-03-23T15:51:03","guid":{"rendered":"http:\/\/update.legislature.ne.gov\/?p=32133"},"modified":"2022-03-23T09:51:03","modified_gmt":"2022-03-23T15:51:03","slug":"debate-on-income-tax-proposal-ends-after-filibuster","status":"publish","type":"post","link":"https:\/\/update.legislature.ne.gov\/?p=32133","title":{"rendered":"Debate on income tax proposal ends after filibuster"},"content":{"rendered":"

A bill on select file that would cut Nebraska\u2019s top individual and corporate income tax rates over several years was pulled from the agenda March 22.<\/p>\n

\"Sen.
Sen. Lou Ann Linehan<\/figcaption><\/figure>\n

LB939, as introduced by Elkhorn Sen. Lou Ann Linehan, would cut Nebraska\u2019s top individual income tax rate in three steps, from the current 6.84 percent to 5.84 percent by tax year 2025.<\/p>\n

As amended on general file, the bill also would cut the state\u2019s top corporate income tax rate from the current 7.5 percent to 5.84 percent by tax year 2026.<\/p>\n

The state Department of Revenue estimates that LB939 would reduce state general fund revenue by $63.6 million in fiscal year 2022-23. That amount would grow to $415.7 million by FY2026-27.<\/p>\n

Sen. Tom Briese of Albion supported the bill. He said a pending amendment contains the provisions of his LB723, which would ensure that a state tax credit intended to offset part of Nebraskans\u2019 property tax bills does not fall below its current amount.<\/p>\n

The amendment also would slow the proposed income tax rate reductions so that both rates reach 5.84 percent by tax year 2027. Additionally, it would create a refundable tax credit based on the amount of property taxes paid to a community college.<\/p>\n

Omaha Sen. Machaela Cavanaugh opposed LB939 and filed a series of motions intended to delay a vote on the bill. She said the proposal would \u201cbankrupt\u201d the state once fully implemented and would not benefit low- and middle-income Nebraskans.<\/p>\n

After approximately one hour of second-round debate, Speaker Mike Hilgers of Lincoln said he would \u201cskip over\u201d LB939 at Linehan\u2019s request. It will not be considered again this session, he said.<\/p>\n

Hilgers said Linehan intends to file the pending amendment on another prioritized bill heard by the Revenue Committee this session.<\/p>\n

Senators then moved to the next item on the agenda.<\/p>\n","protected":false},"excerpt":{"rendered":"

A bill on select file that would cut Nebraska\u2019s top individual and corporate income tax rates over several years was pulled from the agenda March 22. <\/p>\n","protected":false},"author":1,"featured_media":32121,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[17],"tags":[190],"class_list":["post-32133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-revenue","tag-sen-lou-ann"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/update.legislature.ne.gov\/wp-content\/uploads\/2022\/03\/Linehan3-22-22a.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/32133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32133"}],"version-history":[{"count":4,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/32133\/revisions"}],"predecessor-version":[{"id":32135,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/32133\/revisions\/32135"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/media\/32121"}],"wp:attachment":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}