LINCOLN – Sen. Dan Watermeier says Gov. Pete Ricketts offered support for changes to a bill that links property tax refunds to times when the state receives more revenue than is forecast.
LB 947 was introduced by Sen. Jim Smith on behalf of the governor offering an income tax refund of 10 percent in the first year and increases up to 30 percent, if state revenue comes in as forecast.
Watermeier said the bill as introduced would cap the refund for some taxpayers.
Watermeier: Residential home owners income tax credit would be capped at $230 the first year, increasing by up to $50 each time the percentage is increased p to a a maximum of $730. For agricultural land owners there is no cap on the refundable income tax credit.”
He said the Nebraska Farm Bureau offered its support of the bill with the idea of automatic increases. He said the 30 percent refund is the same level considered by the ballot initiative currently underway.
Watermeier: “The question of how to pay for future years of escalating property tax relief is not addressed.”