2.6%
Infants are more likely to reach age 1 in states with tax policies that raise more revenue and raise it from those most able to pay, according to research published in the Journal of the American Medical Association. For every $1,000 increase in tax revenue per capita, researchers correlated a 2.6% decrease in the infant mortality rate. Authors of the report specified refundable tax credits, health care spending, home visits and food aid as spending priorities and minimum wage hikes and paid leave requirements as reforms proven to reduce poverty and help babies thrive.
Read more from the Institute on Taxation and Economic Policy
26
The Nebraska Legislature advanced tax cut bills to a final round of consideration after voting earlier in the week to bolster funds available for the tax breaks by leaving less money in the state’s rainy day fund. The property tax bill includes a revenue cap on the state’s school districts, 26 of which still stand to lose more property tax revenue than the state would provide in additional aid, according to analysis by OpenSky Policy Institute following approval of an amendment on Thursday.
Read coverage from the Nebraska Examiner
Read more on provisions of LB 243 from OpenSky
9%
The tight labor market has implications in a number of areas, including the price you pay for processed foods. As of March, the price of the same shopping cart of food products was nearly 9% higher than at the beginning of 2021. Specifically, foods that require more labor-intensive steps in the supply chain – cereal and baked goods, ice cream and other dairy products – have driven increases in grocery store prices, researchers said.
Read more from the Federal Reserve Bank of Kansas City
Inside the numbers
$816 million: Senators last week voted to reduce the amount of a proposed transfer to the state’s rainy day fund, dropping the projected ending balance in the next fiscal year to $816 million. Nebraska’s rainy day fund, which was projected at $2.2 billion before any legislative action this session, provides a cushion for lawmakers in years when faced with a budget shortfall.
$2.09 million: Tax receipts from keno and other charitable gaming in Nebraska in January through March, which is 6% more than the prior quarter. Receipts cover the cost of regulation and benefit city and county community betterment programs.
Next week
The Legislature will return on Tuesday for Day 78 of the 90-day session. First on the agenda is LB 727, a package of around 20 bills heard by the Revenue Committee. It includes proposals to shift sales tax revenues from the state’s General Fund to bolster significant development projects like those discussed at Nebraska Crossing and funding for a Lincoln convention center.