LINCOLN- Senator Linehan answered questions pertaining to her bill LB754. Under the bill, top individual and corporate income tax rates would be gradually reduced to 3.99% by tax year 2027. A second pair of bills, LB 804 and 806, would accelerate phased-in income tax cuts passed last year, allowing the reductions to 5.84% to go into effect in 2024 instead of 2027. Those two bills would presumably be supplanted by LB 754 if it passed.

State Sen. Lou Ann Linehan of Elkhorn said the state has more than a $2 billion surplus of state tax funds and needs to return that to Nebraska taxpayers in the form of lower tax rates. “It is imperative that we improve our tax climate so it is more welcoming for current and future Nebraskans,” Linehan said.

LB 783, introduced by Glenvil Sen. Dave Murman on behalf of the governor, would shift financing of Nebraska’s community colleges from property taxes and onto state sales and income taxes, as the University of Nebraska system is funded. A parade of community college administrators, board members and students opposed the legislation, expressing doubt that the state would live up to its funding commitment.

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