Nebraska senators debate Ricketts-backed tax package - KTIV News 4 Sioux City IA: News, Weather and Sports

Nebraska senators debate Ricketts-backed tax package

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LINCOLN, NE (AP) -

Nebraska lawmakers have kicked off a debate on an income and property tax package backed by Gov. Pete Ricketts and business groups but opposed by leading farm organizations.
   
Sen. Jim Smith of Papillion presented the package Friday as a way to end the status quo tax climate and make Nebraska more competitive with its neighboring states, most of which have lower top income tax rates.
   
The measure would reduce the state's top individual and corporate income tax rates in years when revenue grows faster than a predetermined amount. It also would expand the earned income tax credit, combine the two lowest tax brackets and eliminate exemptions.
   
Farm groups say the bill doesn't do enough to address property taxes. The measure would change how agricultural land is valued for tax purposes.

Watch Live: Nebraska Legislative Session starting at 9 a.m.: http://netnebraska.org/media/media.php?bin=NET&vidgroup=50003031

 

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