CCH Tax Day Report
Nebraska Gov. Pete Ricketts, along with Revenue Committee Chairman Jim Smith, and Agriculture Committee Chairwoman Lydia Brasch, have announced proposals for property and personal income tax reform. According to the release, the proposed legislation would take the top personal income tax rate for Nebraskans making as little as $29,831 down around one-tenth of one percent per year, starting in 2020, as long as the state’s revenue growth exceeds 3.5 percent. In other words, according to the governor, Nebraska would have a trigger when 3.5 percent growth is met to take the top personal income tax rate from 6.84 percent down a little each year until it is under six percent. Regarding property taxes, the governor proposes changing the method for assessing property value from a market-based system to an income-potential approach.
The text of the release can be viewed on the governor’s website.
Release, Office of Governor Pete Ricketts, January 13, 2017