LINCOLN- This Thursday, Governor Ricketts signed into a law a package of bills that will greatly reduce the state's property taxes. Once LB1107 is fully funded, it will show a 17% decrease in property tax for the owner of a $200,000 home in Lincoln. LB1107 also includes the current property tax credit program, which allocates $275 million per year in reductions. The credit begins at $125 million. However, if the state's tax receipts rise to 3.5% that year, the fund will increase to $375 million.

The package of bills also includes an update for businesses that retain the ImagiNE Act, the state also pledged $300 million for the NExT Project at UNMC if that project becomes a reality. The $300 million will not be doled out unless the federal government and private donors create $1.3 billion in funding and create a $2.6 billion center to respond to pandemics, bioterrorism and natural disasters.

There is a worry that the state is being too ambitious as tax receipts have been depressed due to the pandemic. The fiscal note projects a $700 million budget gap in the next two-year budget cycle. Ricketts says he believes Nebraska will adjust its spending if needed.

People against the package of bills want the state to be doing more for those who are struggling to pay bills, even facing eviction due to the pandemic. They also want better paid sick leave for meat-packing workers that have been hit hardest by the pandemic.

Read the full article HERE