The future looks bright, according to the University of Nebraska’s Bureau of Business Research (NU-BBR). On February 24, NU-BBR reported that Nebraska’s leading economic indicator – which predicts short-term trends – rose for the fourth straight month. “The rising indicator provides another signal that Nebraska’s economic growth will be solid through mid-2021,” said Dr. Eric Thompson, director of NU-BBR. Dr. Thompson shared encouraging data from state-owned companies, noting that “respondents to the January Nebraska Business survey reported plans to expand sales and employment over the next six months.”
Nebraska’s economy continues to offer great opportunity amid the pandemic, resulting in strong tax revenues. Last Friday, the Nebraska Economic Forecasting Board voted to increase the state’s projected revenue by $ 462 million. The increased forecast gives the state the ability to continue to control spending so we can give the people of Nebraska even more property tax breaks.
At this meeting, the legislature will discuss and approve the next two-year budget for the state of Nebraska. My budget recommendation controls spending by capping the average annual growth rate at 1.5%.
My top priority continues to be property tax relief. Property taxes have risen faster than Nebraska families can afford. By controlling expenses associated with strong sales growth, lawmakers can provide Nebraska families with significant property tax breaks. In January my budget proposed relief of $ 1.36 billion over the next two years. With the new and improved forecast, the legislature is now in a position to achieve even more relief in property tax.