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The 2022 legislative session is winding down with just four more days left at the time of this publication. All three of this year’s mid-biennium budget bills, LB’s 1011, 1012, and 1013 passed on Final reading and were sent to Governor Ricketts’ desk for his signature.
LB750, a Transportation and Telecommunications priority bill which includes one of my bills LB913, recently advanced to final reading. My portion of this bill requires the Nebraska Department of Transportation (NDOT) to reconstruct a highway approach, which is the part of a county road located on the State’s right of way, when it is destroyed by a natural disaster or as a result of faulty engineering. Currently, counties are responsible for this maintenance, but many lack the necessary funds or staffing to rebuild these approaches. This bill ensures proper construction in the replacement of destroyed approaches.
In my last newsletter I mentioned an attempt was made to provide significant income and property tax relief through LB825, but that the bill ultimately failed to advance due to 13 senators being present-not-voting. Last week, a compromise was reached, and we were able to advance LB873 as amended past the first round of debate. LB873 is a significant tax relief bill that does a number of things.
LB873 reduces the top Nebraska state individual income tax rate from 6.84% to 5.84% over the next six years. Next, it lowers the corporate income tax rates on all taxable income in excess of $100,000 from 7.25% down to 5.84% by 2027. LB873 also phases out the state income tax on social security benefits by 2025 and ensures that at least $560 million will be allocated for property tax relief going forward into the future. Finally, LB873 creates a new income tax credit for property taxes paid to community colleges, in addition to the existing credit available for K-12 schools.
Overall, Nebraskans can expect to see $886 million in property tax savings as a result of this bill. I am glad to see Senators were able to come to an agreement to provide the much-needed tax relief Nebraskans deserve. I am committed to working to make Nebraska competitive with neighboring states to retain and attract businesses, talent, and people.
I enjoyed meeting with and speaking to the 4th grade class from Ashland-Greenwood elementary school last week as they toured the Capitol on their field trip. These students had an opportunity to learn about the three branches of government and the history of the Nebraska Legislature.
I appreciate hearing from constituents on issues affecting District 23 and encourage you to contact my office on legislation at 402-471-2719 or email@example.com.
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