New property tax and business incentive package advances
LINCOLN, Neb. (AP) — Nebraska lawmakers will try once again to pass a major property tax and business incentive package as early as Wednesday, with time running out in this year’s session.
The Legislature’s Revenue Committee voted Tuesday in favor of a new proposal designed to benefit Nebraska property owners and attract businesses. The committee’s previous attempts to lower property taxes have stalled, and lawmakers have just five days remaining in this year’s session.
The new proposal seeks to combine the priorities of lawmakers who want to lower property taxes and those who want to continue offering tax incentives to businesses to replace a program that expires this year.
The bill would offer state income tax credits to compensate property owners for a portion of their school property taxes, depending on how much money is available.
It would also create a new tax incentive program for Nebraska businesses that create higher-paying jobs, but the total incentives would be capped to control the state’s expenses.
Most Nebraska lawmakers have identified property taxes as their top priority for the session, even though property taxes are levied by local governments and not the state.