Tax Relief

Historic $900 million tax relief bundle will get new life

Lawmakers gave new life to a $900 million tax relief package by attaching it to another bill and giving it first-round approval on a 44 to 0 vote. That plan failed by one vote last week. But supporters amended it into LB 873. State Sen. Tom Briese sold it as the last opportunity for historic tax cuts this session. “I do believe this is the last train out of the station. I don’t see a path for anything else related to tax relief. I think this is the last chance,” The plan would slash the top individual and corporate income tax brackets by one percent, speed the phase-out of taxing social security benefits and bolster the property tax credit fund.”When we, all the different foundations, look at Nebraska, what they say is we are a high tax state,” State Sen. Lou Ann Linehan said.”We have heard this bill three times. It is the same song. It is the same dance,” State Sen. Machaela Cavanaugh said. She and a group of senators said they do support cutting taxes on social security benefits and property taxes, but not for high-income earners and corporations. “I support income tax relief for the working poor. I do not support corporate welfare. I do not support billionaire millionaire tax cuts,” Cavanaugh said. She called the cuts irresponsible.”You are voting against the entire state of Nebraska and the future “This is not reckless and irresponsible. This is sustainable. This is fiscally responsible,” Briese said. State Sen. John McCollister voted for the measure. He was one of the senators who were present but did not vote last time.”I am generally in favor of 873. It’s a little more expensive than I’d like to see,” McCollister said.McCollister said his continued support of the bill could depend on what happens on LB 920, the prison reform bill.LB 920 would implement recommendations from a justice reform committee to address prison overcrowding.First-round debate on that bill was scheduled after the vote on LB 873.”I am looking forward to debate on 920. It’s been one of my topics of importance. So I would hope that we can do as well on 920 as we have on 873,” McCollister said.

Lawmakers gave new life to a $900 million tax relief package by attaching it to another bill and giving it first-round approval on a 44 to 0 vote.

That plan failed by one vote last week.

But supporters amended it into LB 873.

State Sen. Tom Briese sold it as the last opportunity for historic tax cuts this session.

“I do believe this is the last train out of the station. I don’t see a path for anything else related to tax relief. I think this is the last chance,”

The plan would slash the top individual and corporate income tax brackets by one percent, speed the phase-out of taxing social security benefits and bolster the property tax credit fund.

“When we, all the different foundations, look at Nebraska, what they say is we are a high tax state,” State Sen. Lou Ann Linehan said.

“We have heard this bill three times. It is the same song. It is the same dance,” State Sen. Machaela Cavanaugh said.

She and a group of senators said they do support cutting taxes on social security benefits and property taxes, but not for high-income earners and corporations.

“I support income tax relief for the working poor. I do not support corporate welfare. I do not support billionaire millionaire tax cuts,” Cavanaugh said.

She called the cuts irresponsible.

“You are voting against the entire state of Nebraska and the future solvency of this state. It is reckless,” Cavanaugh said.

Other senators said the tax relief is sustainable.

“This is not reckless and irresponsible. This is sustainable. This is fiscally responsible,” Briese said.

State Sen. John McCollister voted for the measure. He was one of the senators who were present but did not vote last time.

“I am generally in favor of 873. It’s a little more expensive than I’d like to see,” McCollister said.

McCollister said his continued support of the bill could depend on what happens on LB 920, the prison reform bill.

LB 920 would implement recommendations from a justice reform committee to address prison overcrowding.

First-round debate on that bill was scheduled after the vote on LB 873.

“I am looking forward to debate on 920. It’s been one of my topics of importance. So I would hope that we can do as well on 920 as we have on 873,” McCollister said.

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