Major tax cuts – backed by the Governor Jim Pillen – were up for a hearing in the Nebraska Legislature’s Revenue Committee on Thursday.
State Senator Lou Ann Linehan defended her bill against concerns about revenue loss from Sen. George Dungan.
“With the $1 billion going to the Education Fund and with all the tax cuts proposed in the governor’s budget and these packages we’re still going to have over $2 billion between the rainy-day fund, the minimum reserve and what’s left for the floor,” said Linehan.
LB 754 would gradually lower the top tier tax rate for individuals and corporations earning more than $100,000 to 3.99% by 2027.