Tax policy in the 2018 session

Tax policy is a big area of focus for Senators this legislative session for a good reason: It is key to building a pro-growth climate in our state. Right now, Nebraska’s tax system is in need of an overhaul. According to the Tax Foundation, Nebraska has the 11th highest property taxes in the United States and the 26th highest income taxes. When you look at it another way on a per capita basis, we do not do any better. Local property tax collections rank 12th highest at $1757 per capita and state income tax collections rank 16th highest at $1128 per capita.

 

This makes us uncompetitive with surrounding states. This legislative session there has been a lot of discussion on tax policy. While some Senators have been putting forward proposals that would raise taxes on some Nebraskans to cut taxes for others, I have worked with Revenue Committee Chairman Jim Smith on a proposal that focuses on property tax relief without raising taxes. Other bills would help address the impact of federal tax reform on our state tax code. The flurry of proposals can be very confusing, so here’s a brief guide to tax policy before the Legislature right now:

 

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