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Jan. 7, 2022Lincoln, Neb. |  By: AP

Ricketts, lawmaker vow to use excess revenue for tax cuts

taxes

LINCOLN, Neb. (AP) - Nebraska Gov. Pete Ricketts and a key legislative leader are pledging to cut taxes with the $412 million in excess revenue the state has collected over the last year.

Ricketts and state Sen. Lou Ann Linehan, a fellow Republican, say they continue to view income and property tax reductions as one of their top priorities in the 2022 session.

Linehan, who leads the Legislature's tax-focused Revenue Committee, says she expects a push this year continue lowering Nebraska's corporate income tax rate, as lawmakers did last year.

She says lawmakers will also attempt to cut individual income tax rates and speed up the implementation of a Social Security tax exemption that's set to go into effect in 2030.