LINCOLN- The state auditor warned of a $1.5 billion drain on Nebraska coffers due to corporate tax breaks. In a letter to lawmakers Monday, Mike Foley said the $25 billion worth of investments and 33,000 jobs were due to corporate tax incentives since 2006. But those tax instead of come at a cost, and he said this could drastically affect the budget.
Using the department's own data, Foley has disclosed that the total delinquent and protested tax balances as of June 30, 2024, exceeds $657 million. Foley said when you combine the business tax incentives, plus potentially hundreds of millions of dollars in uncollected tax proceeds. The result is a staggering loss to the state.
"It's awful easy to vote for tax breaks, but it's tough to pay for them sometimes," Foley said.
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