Ag, Education Leaders Back Property Tax Relief Legislation

A broad-based coalition of Nebraska ag and education groups is supporting legislation which provides more than $700 million in property tax relief while protecting essential public services.

Two years in the making, LB-314 reduces the over-reliance on property taxes while adding $468 million to the Property Tax Credit Fund – which brings direct property tax relief fund total to $692 million. The bill also calls for a much-needed study to review the current system of funding K-12 education in Nebraska.

LB-314 close several sales tax exemptions, adds a surcharge to income over $250,000, increases the state sales tax by half a cent and increases the tax on cigarettes and alcohol.