Several bills included as part of a major tax package will be heard next week in the Revenue Committee. The measures would combine to make dramatic changes to our revenue system that predominantly benefit the wealthy and corporations while significantly reducing state revenues.

Wednesday hearing focused on school district revenue cap

The hearings start on Wednesday morning as LB 589, which would put a cap on how much revenue a school district can raise, will be heard at 9:30 a.m.

Thursday morning’s hearings focused on income tax cuts, afternoon hearings focused on property tax changes

The committee will hear testimony on three bills dealing income tax cuts on Thursday morning starting at 9:30 a.m. The measures are:

  • LB 804 – which would accelerate corporate income tax cuts passed in 2022;
  • LB 806 – which accelerates personal income tax cuts passed last year; and
  • LB 754 – which would phase in tax changes that would ultimately result in Nebraska’s top personal and corporate income tax rates being lowered to 3.99% by 2027.

The committee on Thursday afternoon will hold hearings on LB 750, which would change the way Nebraska values agricultural land from market value approach to an income value approach; and LB 783, which would eliminate the ability of community colleges to levy property taxes. The afternoon hearings start at 1:30 p.m.

Retirement income, scholarship tax credit bills to be heard Friday

Friday’s morning’s Revenue Committee hearings will focus on LB 641, which would accelerate the phase out of taxes on Social Security income that lawmakers passed in 2022; and LB 602, which would eliminate income taxes on pensions and annuities. The hearing starts at 9:30 a.m.

In the afternoon, the committee will hold a hearing on LB 753 – which would create a tax credit for donations to private school scholarship programs. The hearing on LB 753 starts at 1:30 p.m. (EDITOR’S NOTE: Scholarship tax credits and other measures that would divert public dollars to private schools will be the focus of a Monday OpenSky webinar. You can register for the webinar here.)

All hearings will be streamed live by Nebraska Public Media.