LINCOLN - The Legislature's Revenue Committee on Tuesday rushed to the floor a last-ditch property tax relief compromise package negotiated by seven legislative leaders in the fading days of a session scheduled to adjourn next week.

The proposal would increase state property tax relief by $125 million in the first year, gradually rising to $375 million by the fifth year and then increasing at the same rate as the statewide increase in property tax valuation.

Benefits would be delivered in the form of a refundable state income tax credit for local school property taxes paid, and that new property tax offset would be in addition to the $275 million in property tax relief currently provided by the state property tax credit cash fund.

The Revenue Committee sent the new package to the floor on a 6-0 vote, with Sen. Sue Crawford of Bellevue not voting. Sen. Mike Groene of North Platte was absent at the time of the vote.

Revenue Committee Chairwoman Lou Ann Linehan of Elkhorn said she believes "prospects on the floor are very good. "Everybody won't get everything they want, but everybody's going to get something," she said.

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