Revenue Committee

Revenue Committee

  • Legislative Update

                The Legislature gave first-round approval to the budget package this past week. Senators also stopped a measure that proposed to repeal the motorcycle helmet law for riders 21 years of age and older.

                Progress has been made this past week on property tax relief, although it isn’t as comprehensive as hoped. LB 958, introduced on behalf of the Governor, sought to slow the increase in agricultural land valuation by capping statewide agricultural land valuation growth at 3% per year. It also aimed to slow the growth of property taxes levied by political subdivisions. After significant opposition was encountered from representatives of cities and other political subdivisions, the committee eliminated most of the bill, except for the portion that limits the unused restricted fund authority for community colleges to 3% of their prior year’s restricted funds. In the amendment proposed by the Revenue Committee, instead of the 3% cap on valuation, the committee is proposing an increase in the Property Tax Credit program. This program provides direct property tax relief for property owners through a credit on their property tax statement. Last year, funding for this program was increased by $64 million to $204 million in annual funding. This year, the proposed increase in credits would be directed to agricultural land owners. Since this is a new concept, the Revenue Committee will hold a public hearing on the proposed amendment on Thursday, March 24. After calculations are completed, an amount of funding will be added to the amendment.

  • Legislative Updates

    The Platte Institute, initiated in 2008, was Nebraska’s first free market think tank. It is a non-partisan, non-profit research and educational institute. It was founded on the belief that protection of the freedoms and quality of life that Nebraskans enjoy is best served by encouraging free enterprise initiatives and promoting individual responsibility and dialogue. The institute’s staff and scholars study public policy issues and develop proposals to increase economic opportunity, while protecting the individual rights of Nebraskans.

    The OpenSky Policy Institute is also deemed a non-partisan think tank, focusing on tax and budget issues. OpenSky began its work in 2011, after three years of organizational planning. OpenSky’s mission is to improve opportunities for every Nebraskan by providing impartial and precise research, analysis, education and leadership.