Taylor Gage, 402-471-1970
Justin Pinkerman, 402-471-1967
Governor Ricketts: Nebraska’s strong economy and revenue translates into record real estate tax relief
LINCOLN – Today, Governor Pete Ricketts issued a statement after it was revealed that final general government fund tax revenue rose $ 958 million above projections for fiscal 2020-21. Overall, government revenue rose 19.2% more than previously forecast.
“The Nebraskans weathered the pandemic with courage and determination,” said Governor Ricketts. “Our economy has overcome the uncertainty of last year and that has resulted in significant growth in government revenues. Thanks to LB 1107, which I signed last year, higher government revenues have resulted in record easing of property taxes for our farmers, ranchers, homeowners and small businesses. ”
With the LB 1107 adopted and signed in 2020, the property tax incentive credit was created. The first year the loan was $ 125 million. Taxpayers got the credit when filing their state income taxes earlier this year. The next year’s loan will be valued at over $ 548 million thanks to higher earnings.
In addition to the property tax incentive loan, the Nebraska state budget also provides direct relief of 300 million. Overall, the state of Nebraska will provide a direct wealth tax reduction of $ 952 million in fiscal year 2021-22 to offset local wealth taxes.