In an opinion piece in the Omaha World-Herald, OpenSky Executive Director Renee Fry writes that supporting Nebraskans who have been negatively impacted by the COVID-19 pandemic is a higher priority for the state than the corporate tax cuts proposed in LB 432, a measure on the second-round of debate in the Nebraska Legislature.
Fry writes, “The Legislature is on track to pass bills that would improve food insecurity and child care but these measures will expire once the federal funds for these programs dry up in a couple of years. In contrast, LB 432’s tax cuts for (Amazon CEO Jeff) Bezos and other wealthy out-of-state corporations and shareholders would be permanent. At a time when the Legislature has general fund dollars to help Nebraskans who need it, it is perplexing that lawmakers would prioritize tax cuts for wealthy corporations, many of which, like Amazon, don’t even have a presence in the state.”
In the piece, Fry notes that LB 432’s corporate tax cuts would largely go to people who live outside of Nebraska while likely offering little in the way of economic benefit for the state. The tax cuts also would deplete the state of revenues needed to fund key services and could leave Nebraska vulnerable to having to return federal relief dollars, Fry writes.
Read the full op-ed here. You also can read our updated Policy Brief on LB 432 here.