BRIESE SAYS STATE MAY NEED TO DECOUPLE FROM FEDERAL INCOME TAX CODE

LINCOLN - Sen. Tom Briese of Albion said Tuesday he believes there may be a legislative need to disconnect Nebraska's state income tax law from federal tax law in order to protect the state revenue flow needed to fund increased property tax relief. The CARES Act, which provides financial relief for Americans impacted by the coronavirus pandemic, may reduce anticipated individual state income tax revenue by an estimated $27 million in fiscal 2020-21.

"We owe it to everyday Nebraskans that we don't allow federal tax changes to jeopardize our ability to fund needed property tax relief," Briese said.

Sen. Lou Ann Linehan of Elkhorn is leading the effort to enact property tax reduction legislation this year as chairwoman of the Legislature's Revenue Committee. The committee's proposal would fund local property tax relief through increased state aid to schools and is awaiting amendments on the floor.

Read the article HERE.