Ricketts touts $12.7 billion in tax relief, reminds Nebraskans to claim credits
LINCOLN, Neb. (KLKN) – Gov. Pete Ricketts said Thursday that he and the Legislature have enacted $12.7 billion in tax relief since he took office.
More than $10 billion of that has been property tax relief.
Last session, the Legislature passed a tax relief bill that will reduce the top corporate and individual income tax rates to 5.84%.
The bill also increases the income tax credit on property taxes paid to school districts from 25% to 30% in 2022.
And it created a new 30% rebate for taxes paid to community colleges.
“This relief is especially significant as families deal with historic high inflation.” Ricketts said. “I encourage Nebraskans to make sure they claim all the tax credits they’re eligible to receive.”
Nebraskans can claim those credits when they file for taxes. The Department of Revenue says companies such as TurboTax already have the updated software for the upcoming tax season.
Credits can also be claimed retroactively going back three years.
Tax Commissioner Tony Fulton advised Nebraskans to file an amended return for previous years if they did not claim the property tax credit for 2020 or 2021.
According to the Revenue Department, a taxpayer in Lincoln with a home valued at $250,000 will receive combined property tax relief of $1,137 from the state in tax year 2022.
For information on how to claim the refundable income tax credit, go to revenue.nebraska.gov/about/nebraska-property-tax-credit.