{"id":36730,"date":"2024-08-01T15:24:47","date_gmt":"2024-08-01T21:24:47","guid":{"rendered":"https:\/\/update.legislature.ne.gov\/?p=36730"},"modified":"2024-08-02T08:10:26","modified_gmt":"2024-08-02T14:10:26","slug":"homestead-exemption-consumption-tax-proposals-considered","status":"publish","type":"post","link":"https:\/\/update.legislature.ne.gov\/?p=36730","title":{"rendered":"Homestead exemption, consumption tax proposals considered"},"content":{"rendered":"

The Revenue Committee heard testimony July 31 on several measures related to property taxes, including one that would replace Nebraska\u2019s current tax system with a consumption tax on new goods and services.<\/p>\n

\"Sen.
Sen. John Cavanaugh<\/figcaption><\/figure>\n

LB22, introduced by Omaha Sen. John Cavanaugh, would create a new homestead exemption under which the first $100,000 of an owner-occupied home\u2019s actual value would be exempt from taxation.<\/p>\n

Cavanaugh said the bill would provide targeted property tax relief to the average Nebraska homeowner, in contrast to Gov. Jim Pillen\u2019s proposal in LB1, which Cavanaugh said would provide a greater overall tax benefit to large landowners.<\/p>\n

\u201cI wanted an option that did not give large, seven-figure tax breaks to extremely wealthy landowners who don\u2019t even live here, like Ted Turner and Bill Gates,\u201d he said.<\/p>\n

Among other bills heard by the committee were:
\n\u2022 LB30, sponsored by Sen. Jen Day of Omaha, under which veterans who are at least 10% but less than 100% disabled due to a service-connected disability would qualify for a homestead exemption in an amount based on their disability percentage;
\n\u2022 LB16, introduced by Bayard Sen. Steve Erdman, which would eliminate state sales, use and income taxes, as well as local property and inheritance taxes, and impose a 7.5% tax on the use or consumption of taxable property or services; and
\n\u2022 LB33, sponsored by Sen. Tom Brandt of Plymouth, which would increase the total amount of credits available under the Nebraska Property Tax Incentive Act to approximately $861 million for tax year 2024 and $1.2 billion for tax year 2025.<\/p>\n

The committee took no immediate action on the bills.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Revenue Committee heard testimony July 31 on several measures related to property taxes, including one that would replace Nebraska\u2019s current tax system with a consumption tax on new goods and services. <\/p>\n","protected":false},"author":1,"featured_media":36719,"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":[17,21],"tags":[269],"class_list":["post-36730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-revenue","category-special-session","tag-sen-john-cavanaugh"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/update.legislature.ne.gov\/wp-content\/uploads\/2024\/07\/LB22JCavanaugh7-31-24a.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/36730","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=36730"}],"version-history":[{"count":3,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/36730\/revisions"}],"predecessor-version":[{"id":36735,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/36730\/revisions\/36735"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/media\/36719"}],"wp:attachment":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}