Gov. Heineman releases tax plan details - KTIV News 4 Sioux City IA: News, Weather and Sports

Gov. Heineman releases tax plan details

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LINCOLN, Neb. (AP) -

Nebraska Governor Dave Heineman has unveiled two proposed tax reform measures that would eliminate or reduce state income taxes.

The larger plan unveiled Friday would eliminate the state's income tax on corporations and individuals, while getting rid of $2.4 billion in sales tax breaks that Nebraska currently allows.    The second bill would eliminate corporate income taxes and provide an exemption for retirement income.  Married couples would receive an exemption for the first $12,000 they earn, while single filers would see a $6,000 exemption. That proposal would end $395 million in exemptions.  Many exemptions targeted in one bill are preserved in the other.

Heineman says he wants a public conversation about which specific exemptions to cut.  The bills are sponsored by state Sens. Beau McCoy and Brad Ashford, both of Omaha.

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