Nebraska legislature advances income tax reform bill

LB754 has passed to the second round of voting.
Published: Mar. 30, 2023 at 5:31 PM CDT
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LINCOLN, Neb. (WOWT) - A bill to give tax cuts to some Nebraskans is headed to a second round of voting.

LB754 advanced Thursday with the approval of 41 state senators.

A new amendment added to the bill would cut income tax for the top two tiers instead of just one. The bill would also lower the corporate income tax rate to 3.99% by 2027.

Additionally, it would make Social Security benefits fully exempt from taxes by next year — one year earlier than anticipated.

Lawmakers also added some child-care tax credits.

Because of recent amendments, Senators don’t yet know how much revenue the state will lose if the bill is approved.