Nebraska is looking at passing legislative bills that would benefit the wealthy, corporations, and out of state residents.
Last year the Legislature passed income tax reductions, both for corporations and individuals. The income earned that falls into the highest tax bracket in each case would be reduced to 5.84%. Because of the influx of federal COVID funds, the state has excess money in its treasury right now. Therefore, several senators believe these tax reductions should be implemented this year, as proposed in LB 804 and LB 806.
LB 754 further restructures the income tax system, lowering the rates for highest earners even more.