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April 8, 2022Lincoln, Neb. |  By: AP

Nebraska lawmakers approve $900 million tax cut measure

budget

LINCOLN, Neb. (AP) - Nebraska lawmakers have approved a nearly $900 million income and property tax cut package and sent it to Gov. Pete Ricketts, who's expected to sign it.

The measure that won final approval in the Legislature would drop the top individual and corporate income tax rates to 5.84% by 2027. 

It also would provide a refundable tax credit to reimburse property owners for some of the taxes they pay to local community colleges, and speed up the implementation of a law that will phase out Nebraska's tax on Social Security income.

The measure passed after several setbacks in the Legislature and concerns from some senators about the package's long-term impact on the budget.