Ricketts agenda includes income tax cuts, agency mergers
Posted By: Channel 8 Eyewitness News
LINCOLN, Neb. (AP)
Nebraska Gov. Pete Ricketts is calling on lawmakers to pass a property tax overhaul, merge state agencies and approve incremental income tax cuts that would begin in 2019.
The Republican governor also used his third annual State of the State address to call for lighter job-licensing regulations in a variety of professions.
The plan would lower the state’s top income tax bracket in increments anytime state revenue grows by more than 3.5 percent. It also would change the way property taxes are calculated, using a landowner’s potential income rather than a land parcel’s market value.
Ricketts’ speech came in the midst of a projected $900 million budget shortfall. His plan calls for budget cuts at the University of Nebraska and state agencies, but increases funding for K-12 public schools.