Property tax bill stalled in legislature

By: KLKN Newsroom

8@klkntv.com

LINCOLN, Neb. (AP) A bill that would have imposed a sales tax on Nebraska farmland to pay for property tax relief has stalled in a legislative committee.

The Revenue Committee voted 5-1 against the measure on Monday, with two senators abstaining. Committee members are sorting through various proposals designed to lower property taxes.

The legislation by Sen. Paul Schumacher of Columbus would have generated nearly $82 million in the next fiscal year. Virtually all of that money would go into a property tax credit fund for owners of agricultural land. The tax would only have applied when land is sold. Schumacher says it would have generated substantial property tax relief for farmers and ranchers, but several senators opposed the new sales tax.

The bill is LB71