LINCOLN, Neb. — Another piece of the governor's major tax relief plan is being debated in the Nebraska Legislature Monday.
MAJOR INCOME TAX CUT BILL ADVANCES IN NEBRASKA LEGISLATURE
LB 243 would increase funding for the Property Tax Credit Fund from $275 million to $700 million.
Sen. Tom Briese’s measure would also require the fund to grow equal to the increase in assessed value of real property in the state.
GOVERNOR, STATE SENATORS ANNOUNCE "HISTORIC" TAX RELIEF PROPOSALS
An amendment aimed to put restrictions on that growth.
"The idea is that, while the Legislature could more money into the 1107 to reflect that additional increase this stabilizer is to ensure that we do that have automatic increase in the 1107 fund outside of 5% that the body just has to accept,” said Sen. Wendy DeBoer, District 10.
"If history is any indication of what is going to happen going forward the 5% cap is going is going to force, is going to take taxpayers backwards,” said Sen. Briese, District 41. "They're going to get 3.8% increase in their tax relief while their school district property taxes are going up 4.5%. That's unacceptable.”
AM 1090 failed Monday. A vote to reconsider the amendment also failed.