Corporate Tax

Nebraska Legislature Approves Company Revenue Tax Discount | Authorities and politics

An amendment adopted by the Legislature and annexed to the Bill (LB64) by Stinner, tabled by Omaha Senator Brett Lindstrom, has a future Legislature reconsidering the cuts in half.

The complete elimination of state income tax on social security benefits in Nebraska, if fully implemented, would result in a projected loss of $ 168 million in annual government revenue.

Linehan said she “believe I am working in good faith with everyone” to develop this year’s tax law package.

“The tax law is a mess,” she said. “We are not competitive.”

Meanwhile, before the 2022 legislature meets next January, the Revenue Committee will “review all of our taxes” to come up with proposals for tax reform, Linehan said.

Omaha Senator Justin Wayne told Senators during the debate that next year he plans to address what he calls the “black tax” that African Americans pay because they are black, a cost measured by economic gaps that arise the health impact care costs, insurance premiums and opportunities.

“I want to talk about social programs next year,” he said.

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