Biochips used for genetic and protein analysis of livestock would be exempt from sales tax under a bill advanced from general file Feb. 23.<\/p>\n
LB830, introduced by Kearney Sen. Galen Hadley, would categorize the biochips as an agricultural input, which is not subject to state sales taxes. Hadley said current tax policy was written before biochip technology was widely used.<\/p>\n
\u201cNebraska has consistently not taxed inputs into the agricultural process,\u201d he said. \u201cWe need to change the tax policy to meet changing technological practices.\u201d<\/p>\n
Lincoln Sen. Bill Avery supported the bill, saying it is vital that the state encourage the growth of high-tech industries.<\/p>\n
\u201cThis bill would help create and maintain businesses that employ highly educated individuals,\u201d Avery said. \u201cThis is the kind of high-tech business we need to be promoting and encouraging in the state.\u201d<\/p>\n
Opponents of the bill said approving a new tax exemption is difficult without first knowing the state\u2019s revenue forecast. Valentine Sen. Deb Fischer said priorities for exemptions must be acknowledged.<\/p>\n
\u201cThere are a lot of wants out there,\u201d Fischer said. \u201cI\u2019m willing to spend the money but it has to fit in the budget.\u201d<\/p>\n
Omaha Sen. Brenda Council said the process for approving tax exemptions is subjective.<\/p>\n
\u201cWe\u2019ve become selective in determining which businesses are worthy of staying here,\u201d Council said. \u201cWe\u2019re establishing tax policy on a piecemeal basis.\u201d<\/p>\n
Hadley said that while an exemption would result in a short-term loss in revenue, helping local businesses grow will pay off over time. For example, he said, one biochip business has an estimated $41.5 million economic impact on the local economy.<\/p>\n
\u201cWe have to grow our economy,\u201d Hadley said. \u201cWe need to try to build and grow businesses that pay taxes.\u201d<\/p>\n
Senators voted to advance the bill to select file on a 36-0 vote.<\/p>\n","protected":false},"excerpt":{"rendered":"
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