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Nebraska Senators introduce bill to reduce property tax relief
News Update

Nebraska Senators introduce bill to reduce property tax relief

Drone shot of the Nebraska State Capitol at sunset
Drone shot of the State Capitol in downtown Lincoln, Nebraska. (Nebraska Examiner, Getty Images)

LINCOLN, Nebraska (KLKN) — The Nebraska State Legislature on Tuesday introduced a property tax relief package that looks very different from the original proposal.

By a vote of 36 to 8, MPs sent the latest version of Bill No. 34 to the second round of debate.

Initially, the bill did not receive enough votes to pass.

So lawmakers amended the bill to eliminate the most controversial parts, including a reduction in property taxes on schools and the elimination of about 70 sales tax exemptions.

Instead, the bill allocates $750 million this year for income tax credits to offset the property taxes Nebraskans pay to schools.

This amount would increase every year, reaching $902 million in 2029. After that, it would increase by 3% each year.

The bill would provide such tax credits so that Nebraskans do not have to wait until they file their tax returns to receive them.

In addition, it limits the growth of local governments’ property tax revenues to the rate of inflation.

The plan differs sharply from Governor Jim Pillen’s original proposal for the special session of the legislature, which sought to cut property taxes by 50%.

But in a statement, Pillen praised lawmakers for making progress on the bill.

“While there is still much work to be done to secure a victory for Nebraskans facing rising property tax bills, this vote is a step in the right direction,” he said. “I look forward to working with loyal members of the Legislature to continue the work on transformative property tax reform and to pass this consensus bill into law.”

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