LINCOLN- State Senator Justin Wayne of Omaha has proposed the “Saving Money and Reducing Taxes (SMART) Act” as an amendment to Legislative Bill 63, focusing on property tax relief. His plan involves the state covering a smaller portion of local property tax burdens compared to Governor Jim Pillen's proposal, reducing school tax rates, and allowing school boards to opt out of the program. Wayne's comprehensive approach also includes ideas from other bills he's proposed, such as legalizing and taxing online sports betting and recreational marijuana, and providing state aid to local governments.

Wayne's proposal suggests the state should cover 65% of local K-12 property taxes, unlike Pillen's proposed 80%, and would reduce maximum school tax rates significantly. His plan also emphasizes the need for a sustainable, long-term solution for property tax relief, incorporating targeted exemptions, protecting renters, and introducing new revenue sources to maintain critical funding for public services. Wayne's take on tax relief is a comparatively more comprehensive approach to the issues Nebraska is facing.

Additionally, Wayne advocates for eliminating fewer sales tax exemptions, raising certain “sin” taxes at smaller levels, and implementing other possible funding sources like an excise tax on high-net-worth individuals. He aims to provide the Revenue Committee with multiple options to formulate a comprehensive tax relief plan, ensuring it is not solely focused on education but includes broader financial stability measures for the state. “I am trying to present as many options as we can to this committee to formulate a comprehensive tax relief plan,” Wayne stated.

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