LINCOLN- State lawmakers adjourned floor debate on Tuesday without voting on a bill that would phase out Nebraska's inheritance tax, suggesting that more work must be done on the proposal. Sen. Rob Clements, who has made eliminating the "death tax" a top priority during his legislative career, acknowledged that changes may be necessary if his LB1067 is to pass.

One cosponsor of the bill, Sen. Mike Jacobson, said during debate that he couldn't support the measure as written because it didn't include ways to replace the funding lost by Nebraska counties from the repeal of the tax. Jacobson, as well as the Nebraska Association of County Officials, argued that repealing the tax would result in a widespread property tax increase.

"There's one thing I hate more than inheritance tax," said Jacobson, "and that's property tax." Clements said he has been seeking avenues to replace lost revenue for the counties, but also has faith that county commissioners can make the needed adjustments during the proposed five-year phase-out of the inheritance tax.

For the full article click HERE