This website is best viewed in a browser that supports web standards.

Skip to content or, if you would rather, Skip to navigation.

Listen Live
Donate
MARYVILLE

KXCV-KRNW


News Brief

Jan. 25, 2022Lincoln, Neb. |  By: AP

Nebraska lawmakers begin debate on Social Security tax cut

taxes

LINCOLN, Neb. (AP) - Nebraska lawmakers are debating a measure that would speed up the implimentation of a new tax exemption for Social Security income, letting recipients claim a full tax break a few years sooner.

The measure would phase out Nebraska's tax on Social Security income by 2025. Lawmakers approved the exemption last year but adopted a slower phase-in that would eliminate the tax by 2030.

The faster implementation was proposed after the state collected far more tax revenue than expected, leaving Nebraska with a general fund surplus of $412 million.

Some lawmakers question whether it's prudent to rely on recent state tax revenues, which they argue were bolstered by federal pandemic stimulus payments into the economy.