State Sen. Rob Clements renewed his attempt to repeal the state’s inheritance tax on Thursday, arguing that it was “antiquated, regressive and arbitrary.”
Clements, an Elmwood banker and tax preparer, said he’s had grieving clients who were presented tax bills of up to $50,000 after inheriting a farm.
“They may have to sell the real estate they just inherited to pay the tax they owe, or take out a loan to pay it,” the senator told members of the Legislature’s Revenue Committee.
But several officials from Nebraska counties — the beneficiaries of the inheritance tax revenue — told legislators that while they don’t like paying the tax, either, repealing it would force them to raise property taxes unless the state provides some alternative revenue source.