Budget bill hearings kick off busy fiscal week in the Unicameral

Budget bill hearings kick off busy fiscal week in the Unicameral

The Legislature’s Appropriations Committee will hold a hearing on the state budget bills (LB 944, LB 945, LB 946) today to kick off a busy week of hearings – many of which are focused on tax- and budget-related issues. Today’s hearings start at 1:30 p.m. in the State Capitol, Room 1524. All hearings will be held in the State Capitol and streamed live by NET Nebraska.

Tax incentive audits will be the focus of a Wednesday Executive Board hearing on LB 935. The bill focuses on increasing the amount of data available for tax-incentive audits. A hearing on LB 936, which relates to tax-incentive audits, will be held at this time as well. The Executive Board hearing starts at noon in Room 2102.

Also on Wednesday, the Government, Military and Veterans Affairs Committee will hold a hearing on LR 268, which would have the Legislature call for a Convention of States to “restore free and fair elections” by reforming federal campaign finance regulations. This is one of two proposals before lawmakers to call for a Convention of States. LR 6, which was debated for three hours last session and could be brought back again, would have the Legislature call for a Convention of States to enact federal fiscal restraints such as a balanced budget amendment. The hearing on LR 286 starts at 1:30 p.m. in Room 1507.

The Revenue Committee on Wednesday will hold a hearing on LB 738, which would adjust the income thresholds for Social Security taxation for inflation.

The Revenue Committee on Thursday will hold a hearing on LB 829, which calls on the Legislature to enact a refundable income tax credit for 50 percent of what a Nebraskan pays in property taxes that goes toward K-12 education funding. If the Legislature doesn’t enact the bill, proponents have said they will attempt to take the issue to the ballot for Nebraskans to vote on in November.

The Revenue Committee on Friday will hold a hearing on LB 728, which would create a new tax bracket for Nebraskans who earn more than $2.5 million for singles and $5 million for married couples filing jointly. Under LB 728, income above these levels would be taxed at 7.84 percent. There also will be a Revenue Committee hearing for LB 804, which would allow Nebraskans to include elementary and secondary private school tuition in the Nebraska Educational Savings Plan Trust. All Revenue Committee hearings begin at 1:30 p.m. in Room 1524 of the State Capitol.