Nebraska advances phaseout of Social Security income taxes

OMAHA, Neb. (AP) — Nebraska has taken a big step toward phasing out taxes on Social Security income, but lawmakers say they might limit the benefit for higher earners.

Lawmakers gave initial approval, 47-0, to a bill that would eliminate the tax over 10 years. Two additional votes are required before the proposal heads to Gov. Pete Ricketts.

Nebraska has roughly 320,000 residents that rely on some form of Social Security, either as a retirement, disability or survivor benefit.

Nationally, the benefit goes to more than 64 million Americans. Sen. Brett Lindstrom, of Omaha, who sponsored the measure, says Nebraska is one of 13 states that tax the benefit.

SEE ALSO: Nebraska warns of delays on some income tax returns

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