BEATRICE – Nebraska lawmakers Wednesday were debating economic development…specifically, a proposal to replace the Nebraska Advantage Act, an economic incentives proposal.
LB 720, to create the ImagiNE Nebraska Act, is the priority bill of State Senator Mark Kolterman, of Seward.
:34 “into those situations”
Senator Steve Lathrop, of Omaha…a supporter of LB 720… said it would be nice not to need business incentives law.
:19 “broaden our tax base”
Henderson lawmaker, Senator Curt Friesen is a critic of the measure. He says over the years, Nebraska has forgone about $1.5 billion in revenue since LB 775…the original incentives law, was put in place.
:42 “of health insurance”
Under Kolterman’s bill, businesses seeking tax incentives would apply directly to the Nebraska Department of Economic Development. The state’s Revenue Department would have auditing oversight of the program. The new program would sunset at the end of 2029.
Kolterman says the measure is aimed at providing better jobs, higher level of investment and more transparency to the public.