The amended LB 1107, which could cost $150 million in FY 21 and potentially exceed $375 million in the upcoming biennium, only offers about $15 million annually in new revenue to defray its [...]
The ImagiNE Nebraska tax incentive program -- LB 720 as amended by proposed AM 3049 -- will be debated by the Legislature this week. Though the new amendment addresses one issue we [...]
Nebraska’s May tax receipts left some lawmakers with a relatively optimistic outlook for state revenues despite the nation having officially entered a recession.[1] However, there are multiple reasons for lawmakers to proceed with caution and fiscal [...]
The ImagiNE Nebraska tax incentive program, which is proposed by LB 720 as amended by AM 2207, is likely to remain a key point of discussion when the Legislature reconvenes in July. [...]
LINCOLN -- Nebraska likely faces a treacherous revenue situation due to the COVID-19 pandemic a new analysis by OpenSky Policy Institute shows, but just how choppy the state fiscal waters get will [...]
In recent briefs, we’ve looked at what the minimum Moody’s projection -- a 10% reduction amounting to about $500 million -- would look like, and here we consider additional scenarios to show how the state budget might look if revenues come in different than Moody’s minimum.
In recognition of the fiscal toll COVID-19 will have on states, the federal government put together a $2 trillion aid package, known as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), of which the state of Nebraska is expected to receive about $1.4 billion. This equates to about 30% of Nebraska’s FY 21 general fund budget. While this will help ease the fiscal burden, it’s also likely to be insufficient to offset the damage -- the full magnitude of which we may not know for months or even years. Read more ...
Over the past few weeks, OpenSky staff members have been analyzing the state and federal response to the COVID-19 pandemic as well as the potential fiscal and economic impact of the virus. Here we circle back to provide an update on some of the issues we have written about as part of this work.
Congress recently passed important changes regarding paid leave that will help many Nebraskans amid the COVID-19 pandemic. Federal and state leaders, however, can further mitigate the effects of the virus on Nebraskans by taking additional actions to extend paid leave benefits to more workers.
A look back at how previous economic downturns affected Nebraska's fiscal picture can prove instructive as coronavirus response moves forward.