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Amid $900 Million Shortfall, Nebraska Governor Proposes Tax Cuts

Nebraska Governor Pete Ricketts maintains that the state can address its’ revenue shortfalls in the current and future state budgets, and still cut taxes.

Nebraska Governor Pete Ricketts maintains that the state can address its’ revenue shortfalls in the current and future state budgets, and still cut taxes.

 

Ricketts, in his State of the State message Thursday called on lawmakers to pass a property tax overhaul, merge state agencies and approve incremental income tax cuts that would begin in 2019.  On the property tax side, Ricketts wants to change how the state assesses property for taxation purposes.

Ricketts says implementing the property assessment change in 2019 would give local governments and county assessors time to prepare for it.   Ricketts also outlined an effort aimed at cutting state income taxes, by lowering the state’s top income tax bracket in increments anytime state revenue grows by more than 3.5 percent.

 

Caroline Cournoyer is GOVERNING's senior web editor.
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