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As the weather heats up, so does the pace of the Legislature. We are in the final third of session for the year, and senators are now spending both mornings and afternoons in the George W. Norris chamber debating legislation.
Along with full-day sessions, the Appropriations Committee is wrapping up their work on this biennium’s budget. The deadline for the Committee to submit its budget proposal is May 2 – or, the 70th legislative day. After listening to every Nebraska agency during the public hearing process, this is the time when the Committee meets at least once a day, and sometimes more to hammer out final details. Additionally, they must also decide the fate of dozens of bills that were also heard in hearings. After that is complete, the budget will be introduced to the entire Legislature to be debated and passed.
Of those bills to pass, the Appropriations Committee has prioritized two bills: LB 638 and LB 334. I introduced both of these bills this January.
LB 638 provides another alternative methodology for adding to the ‘Rainy Day Fund,’ or, officially, the Cash Reserve Fund. This is much like an emergency savings account for the state. This law would establish a second methodology for adding to the reserve. The intent of this change is to add a discipline to our state when revenue exceeds our twenty year average trend line. It does not eliminate the current “forecasting error” method but would take the greater of the amounts to the reserve.
Meanwhile, LB 334 is a business incentive bill meant to keep the Business Innovation Act in action. Essentially, the Act was designed to sunset; however, LB 334 would terminate that end date and fund the Act by ending the Angel Investment Tax Credit three years earlier than previously planned.
The Omaha World Herald called the Business Innovation Act “an economic development tool of proven value,” adding that “Lawmakers can strengthen it by passing LB 334.” It’s essential that the state invest in continual economic growth. One of the problems that start-up companies face is a lack of capital to get these businesses off the ground. This bill would help those businesses – especially high-growth businesses such as those in technology. This is a vital long-term goal.
LB 334 passed General File on a 41-0-5 vote on April 9. In light of the recent flood and blizzard damage that the state faces, Senator Lou Ann Linehan and I have come to a compromise, allowing the first year of the repurposed Angel Investment funds to be directed to flood relief.
Finally, I’d like to share a little information about an opportunity for students not only in my district, but all around the state. From June 9 to June 12, the Capitol hosts the Unicameral Youth Legislature. There is no other event like it since Nebraska is the only unicameral government among the United States. Students can take on the role of state lawmakers, sponsor bills, host hearings, and debate legislation.
Not only does the event take place in the unique and historic State Capitol, but senators, staff and lobbyists all pitch in to help run the event and teach youth about the lawmaking process. This event is hosted by the Nebraska State 4-H and the University of Nebraska-Lincoln. If anyone is interested but needs financial aid to attend, there are full-admission scholarships and $100 scholarships available. You can find more information by going to the Nebraska Legislature website or by calling the Unicameral Information Office at (402) 471-2420. The deadline to register is May 15.