Ricketts calls for lower income and business taxes

LINCOLN, Neb. (KLKN) – This morning Gov. Ricketts held a press conference highlighting the need for the Legislature to take action this session to provide tax relief to Nebraskans.

Gov. Ricketts is backing three legislative bills which if passed, have the potential to gradually reduce income and business tax in the coming years.

The proposed changes would make Nebraska more competitive with neighboring states who have lower tax rates.

Over 60% of Nebraska families would be affected, not only putting money back in their pocket but helping them deal with record inflation.

LB825 would allow previous legislation passed to accelerate in hopes of phasing out Social Security taxes within the next 5 years as opposed to the previously decided 10 years.

Many local business owners struggle with high tax rates that drive away potential talent or a desire to expand their business.  They hope that changes could allow them to reinvest in their company, employees, and local Nebraska areas.

All proposed changes will be heard and discussed during the 2021 Legislative Session.