LEGISLATIVE UPDATE - TAX REFORM

Exciting news from the Nebraska 2023 Legislative Session! We're reaching the finish line, and it's time to celebrate the enactment of major tax reform bills!

LB754: This groundbreaking legislation lowers the top individual and corporate income tax brackets to just 3.99% by FY27. Not only that, but it also exempts social security from income taxes starting in tax year 2024, among other provisions. With over $1.48 billion in tax relief by FY27 and a staggering $3.2 billion by FY29, LB754 is set to make a significant impact on our economy and individual finances.

LB243: This bill is a game-changer for property tax relief. It increases contributions to the Property Tax Credit Fund, takes community colleges off the property tax rolls, and provides essential caps on local school district spending. When combined with the increase in state aid to education, LB243 will deliver an astounding $2.1 billion in property tax relief by FY27 and an impressive $3.3 billion by FY29.

These tax reform bills demonstrate our commitment to creating a brighter future for Nebraska, where individuals and businesses thrive! Contact jhiatt@kearneycoc.org for more information.