LINCOLN–(KFOR Mar. 31)–Tax cuts would be given to some Nebraskans under a bill that’s headed to the second round of debate.
The bill, LB 754, was advanced out of the first round by state lawmakers on Thursday with 41 of the 49 senators approving it. It includes an amendment that would cut income taxes for the top two tiers, instead of one. It would also lower the corporate income tax rate to 3.99% by 2027.
Social Security benefits would be fully exempt from taxes by next year, plus lawmakers added some child-care tax credits. Due to the amendments, it’s unclear how much revenue the state will lose, if the bill is approved.