LINCOLN–(KFOR May 11)–Two tax relief packages got second round approval Thursday in the Nebraska Legislature.
The two tax cut bills, plus with Governor Jim Pillen’s proposed increased state aid to schools would be worth about $6.4-billion in tax relief over the next six years. LB 234 would increase state tax credits provided against property tax payments and takes funding of the state’s six community colleges off the tax rolls, altogether providing more than $1.3 billion of the tax relief.
LB 754 would offer about $3.2 billion in tax relief over six years. It would gradually reduce the state’s top corporate and personal income tax rates to 3.99% by the 2027 tax year.