Sen. McCoy Releases His Tax Plan for Nebraska

Sen. Beau McCoy

State Sen. Beau McCoy has announced a tax plan he plans on pushing in the Nebraska Legislature this year.

McCoy released the details of his tax plan Monday, calling it an "aggressive plan." McCoy, who is also running for governor, says it covers almost every type of tax Nebraskans pay, including property, income sales and inheritance taxes.

The tax plan includes two bills that McCoy plans to introduce in the upcoming legislative session.

The first would provide additional dollars in the state's Property Tax Relief Fund, bringing its total to $200 million.

The second would phase-in a reduction of agriculture land valuations from 75 percent to 65 percent for tax purposes. "Reducing property taxes on Nebraska's producers will help keep them competitive," McCoy said.

Additionally, McCoy says he will work with other Nebraska lawmakers to pass bills addressing other areas, such as a sales tax exemption for agriculture parts and repair, a reduction of state income taxes, and an elimination of income tax on military retirement income.

McCoy's tax plan includes other measures that he would initiate and support if elected to fill Gov. Dave Heineman's seat. Those measures include eliminating income tax on Social Security income as well as the elimination of the inheritance tax.