LINCOLN- The Revenue Committee advanced proposals to phase out the state tax on Social Security income and reduce the state's top corporate income tax rate. The income tax will be phased out over a 10 year period, beginning with an estimated reduction of $30 million in state revenue in 2022.

Sen. Lou Ann Linehan, chairwoman of the committee, sponsored LB680, which will reduce the top corporate income tax rate of 7.81% to 6.84% and advanced to the floor with a 6-1 vote. A fiscal estimate provided by the Nebraska Department of Revenue reported that the loss in sate revenue could rise to $41.8 million in fiscal 2024-25.

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