Bill that would create property tax relief for small businesses advances

Posted By: Jenn Hatcher
jhatcher@klkntv.com

The vote was unanimous, Monday, state lawmakers advanced a bill for personal property tax relief.

It’s not a lot, but it would give a tax break to business owners, including ag producers.

In a 29-0 vote, the bill that would allow businesses that file personal property taxes, some relief, advanced to the next round.

Senator Mike Gloor of Grand Island brought the bill forward, “The purpose of 259 when I introduced it was to provide meaningful tax relief to small business owners.”

After some amendments, the current bill would give a $10,000 exemption to those that deduct business expenses.

This would cost the state about 20 million dollars total, because they would reimburse counties for the lost revenue.

Much of the discussion on the floor was that the bill doesn’t provide enough relief.

Senator Dan Hughes of Grant said, “This is a step in the right direction, a baby step in the right direction. Serious property tax relief still needs to be tackled by this body.”

If the bill passes the next two rounds and is signed by the governor, about $162 dollars would be put back in the pockets of those who qualify for the exemption.

Senator Gloor hopes the bill would be just the beginning of reworking the states tax system.

Gloor said, “We’ll see how this works and if it’s a successful program and those dollars are helpful to businesses we can always add to those dollars as we move forward.”