Legislative Panel to Hold Hearings for Retirement Income Proposals
The Nebraska Legislature's Revenue Committee is holding hearings Thursday for four bills that would exempt various retirement incomes from being taxed by the state.
LB5, introduced by Sen. Bob Krist, would exempt social security benefits and military retirement benefits from taxation.
Both LB75, introduced by Sen. Charlie Janssen, and LB 176, introduced by Sen. Jim Smith, look to exempt only military retirement benefits from state income taxes.
A fourth bill, LB227, introduced by Sen. Bill Kintner, would exclude all retirement benefits from state income tax.
These legislative bills may not be necessary if Gov. Dave Heineman's proposal to eliminate all of Nebraska's income taxes is accepted.