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March 24, 2022Lincoln, Neb. | By: AP
LINCOLN, Neb. (AP) - A proposal to lower Nebraska's top income tax rates has gotten a substantial makeover to try to build support among state lawmakers after it hit a procedural roadblock in the Legislature.
Members of the tax-focused Revenue Committee voted to slow the phase-in of the income tax cuts, from three years to five.
They also agreed to an amendment that would create an income tax credit to offset the taxes that property owners pay to community colleges.
Combining the proposals is likely to win support from some rural lawmakers who consider property taxes their top concern.
However, some senators say they're still opposed to income tax cuts that would largely benefit the wealthy and out-of-state corporations.
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