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Home Business

Ricketts, Business Spokesmen Urge State Income Tax Rate Reduction – Lincoln Journal Star

by NewsReporter
February 14, 2022
in Business
Reading Time: 75 mins read
ricketts,-business-spokesmen-urge-state-income-tax-rate-reduction-–-lincoln-journal-star
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Gov. Pete Ricketts said his four legislative priorities were tax relief, prisons, water projects and COVID-19 relief.

Gov. Pete Ricketts and a number of business spokesmen said Monday that pending legislation to reduce Nebraska’s individual income tax rate is key to attracting and retaining workers, families and businesses in the state.

“We need to be competitive,” Ricketts said during a news conference with Bryan Slone, president of the Nebraska Chamber of Commerce and Industry, and representatives from one small and one large Lincoln business.

Nebraska’s comparatively high state income tax rate currently is an incentive for families to leave the state, the governor said.

An income tax reduction bill (LB939), introduced by Sen. Lou Ann Linehan of Elkhorn, is awaiting first-stage floor consideration in the Legislature with a number of proposed amendments pending.

The proposal would incrementally reduce the top income tax rate for individuals from 6.84% to 5.84%, providing parity with the top corporate income tax rate.  

The impact on state government revenue would rise incrementally from an initial reduction of $62 million in fiscal 2022-23 to $363 million in fiscal 2026-27, according to estimates.

“If we continue to control (state government) spending,” Ricketts said, the state can continue to deliver tax relief.

Some $548 million in additional property tax relief is being provided now through a refundable income tax credit on property taxes paid to support public schools, the governor said.

And the Legislature, with his support, is now accelerating elimination of state income taxes applied to Social Security benefits, moving the timetable up from 10 years to five years, he noted.

Slone stressed that the proposed income tax reduction will affect teachers, farmers and young people.

“It’s not just a tax break for the rich,” he said.

Scott Gubbels, executive director of tax and renewable energy services for Nelnet, said the income tax reduction could be “a game-changing move” that would incentivize growth, investment and residency in Nebraska.

And that in turn, he said, would expand the tax base.

Adam Kavan, owner of Kavan Custom Construction, said the proposal represents “a big step in the right direction” in terms of incentivizing people to want to live in Nebraska and, in terms of his small business, “allowing us to make strategic investments.”

The proposed tax reduction would assist more than 60% of Nebraska families, Ricketts said. 

Meet the state senators making laws in 2022

Ray Aguilar

Ray Aguilar

District 35

Ray Aguilar

Grand Island

Elected 2020

402-471-2617

[email protected]

Courtesy photo

Joni Albrecht

Joni Albrecht

District 17

Joni Albrecht

Thurston

Elected 2016, 2020

402-471-2716

[email protected]

Courtesy photo

John Arch

John Arch

District 14

John Arch

La Vista

Elected 2018

402-471-2730

[email protected]

Courtesy photo

Carol Blood

Carol Blood

District 3

Carol Blood

Bellevue

Elected 2016, 2020

402-471-2627

[email protected]

Courtesy photo

Eliot Bostar

Eliot Bostar

District 29

Eliot Bostar

Lincoln

Elected 2020

402-471-2734

[email protected]

Courtesy photo

Bruce Bostelman

Bruce Bostelman

District 23

Bruce Bostelman

Brainard

Elected 2016, 2020

402-471-2719

[email protected]

Courtesy photo

Tom Brandt

Tom Brandt

District 32

Tom Brandt

Plymouth

Elected 2018

402-471-2711

[email protected]

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Tom Brewer

Tom Brewer

District 43

Tom Brewer

Gordon

Elected 2016, 2020

402-471-2628

[email protected]

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Tom Briese

Tom Briese

District 41

Tom Briese

Albion

Elected 2016, 2020

402-471-2631

[email protected]

Courtesy photo

Machaela Cavanaugh

Machaela Cavanaugh

District 6

Machaela Cavanaugh

Omaha

Elected 2018

402-471-2714

[email protected]

Courtesy photo

Robert Clements

Robert Clements

District 2

Robert Clements

Elmwood

Appt. ’17, Elected 2018

402-471-2613

[email protected]

Courtesy photo

Jen Day

Jen Day

District 49

Jen Day

Omaha

Elected 2020

402-471-2725

[email protected]

Courtesy photo

Wendy DeBoer

Wendy DeBoer

District 10

Wendy DeBoer

Bennington

Elected 2018

402-471-2718

[email protected]

Courtesy photo

Myron Dorn

Myron Dorn

District 30

Myron Dorn

Adams

Elected 2018

402-471-2620

[email protected]

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Steve Erdman

Steve Erdman

District 47

Steve Erdman

Bayard

Elected 2016, 2020

402-471-2616

[email protected]

Courtesy photo

Mike Flood

Mike Flood

District 19

Mike Flood

Norfolk

Elected 2020

402-471-2929

[email protected]

Courtesy photo

Curt Friesen

Curt Friesen

District 34

Curt Friesen

Henderson

Elected 2014, ’18

402-471-2630

[email protected]

Courtesy photo

Suzanne Geist

Suzanne Geist

District 25

Suzanne Geist

Lincoln

Elected 2016, 2020

402-471-2731

[email protected]

Courtesy photo

Tim Gragert

Tim Gragert

District 40

Tim Gragert

Creighton

Elected 2018

402-471-2801

[email protected]

Courtesy photo

Mike Groene

Mike Groene

District 42

Mike Groene

North Platte

Elected 2014, ’18

402-471-2729

[email protected]

Courtesy photo

Steve Halloran

Steve Halloran

District 33

Steve Halloran

Hastings

Elected 2016, 2020

402-471-2712

[email protected]

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Ben Hansen

Ben Hansen

District 16

Ben Hansen

Blair

Elected 2018

402-471-2728

[email protected]

Courtesy photo

Matt Hansen

Matt Hansen

District 26

Matt Hansen

Lincoln

Elected 2014, ’18

402-471-2610

[email protected]

Courtesy photo

Mike Hilgers

Mike Hilgers

Districts 21

Mike Hilgers

Lincoln

Elected 2016, 2020

402-471-2673

[email protected]

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Robert Hilkemann

Robert Hilkemann

District 4

Robert Hilkemann

Omaha

Elected 2014, ’18

402-471-2621

[email protected]

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Dan Hughes

Dan Hughes

District 44

Dan Hughes

Venango

Elected 2014, ’18

402-471-2805

[email protected]

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Megan Hunt

Megan Hunt

District 8

Megan Hunt

Omaha

Elected 2018

402-471-2722

[email protected]

Courtesy photo

Mark Kolterman

Mark Kolterman

District 24

Mark Kolterman

Seward

Elected 2014, ’18

402-471-2756

[email protected]

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Steve Lathrop

Steve Lathrop

District 12

Steve Lathrop

Omaha

Elected 2018

402-471-2623

[email protected]

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Brett Lindstrom

Brett Lindstrom

District 18

Brett Lindstrom

Omaha

Elected 2014, ’18

402-471-2618

[email protected]

Courtesy photo

Lou Ann Linehan

Lou Ann Linehan

District 39

Lou Ann Linehan

Elkhorn

Elected 2016, 2020

402-471-2885

[email protected]

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John Lowe Sr.

John Lowe Sr.

District 37

John Lowe Sr.

Kearney

Elected 2016, 2020

402-471-2726

[email protected]

Courtesy photo

John McCollister

John McCollister

District 20

John McCollister

Omaha

Elected 2014, ’18

402-471-2622

[email protected]

Courtesy photo

Mike McDonnell

Mike McDonnell

District 5

Mike McDonnell

Omaha

Elected 2016, 2020

402-471-2710

[email protected]

Courtesy photo

Terrell McKinney

Terrell McKinney

District 11

Terrell McKinney

Omaha

Elected 2020

402-471-2612

[email protected]

Courtesy photo

Adam Morfeld

Adam Morfeld

District 46

Adam Morfeld

Lincoln

Elected 2014, ’18

402-471-2720

[email protected]

Courtesy photo

Mike Moser

Mike Moser

District 22

Mike Moser

Columbus

Elected 2018

402-471-2715

[email protected]

Courtesy photo

Dave Murman

Dave Murman

District 38

Dave Murman

Glenvil

Elected 2018

402-471-2732

[email protected]

Courtesy photo

Rich Pahls

Rich Pahls

District 31

Rich Pahls

Omaha

Elected 2020

402-471-2327

[email protected]

Courtesy photo

Patty Pansing Brooks

Patty Pansing Brooks

District 28

Patty Pansing Brooks

Lincoln

Elected 2014, ’18

402-471-2633

[email protected]

Courtesy photo

Rita Sanders

Rita Sanders

District 45

Rita Sanders

Bellevue

Elected 2020

402-471-2615

[email protected]

Courtesy photo

Julie Slama

Julie Slama

District 1

Julie Slama

Peru

Appt. ’18, Elected 2020

402-471-2733

[email protected]

Courtesy photo

John Stinner

John Stinner

District 48

John Stinner

Gering

Elected 2014, ’18

402-471-2802

[email protected]

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Tony Vargas

Tony Vargas

District 7

Tony Vargas

Omaha

Elected 2016, 2020

402-471-2721

[email protected]

Courtesy photo

Lynne Walz

Lynne Walz

District 15

Lynne Walz

Fremont

Elected 2016, 2020

402-471-2625

[email protected]

Courtesy photo

Justin Wayne

Justin Wayne

District 13

Justin Wayne

Omaha

Elected 2016, 2020

402-471-2727

[email protected]

Courtesy photo

Matt Williams

Matt Williams

District 36

Matt Williams

Gothenburg

Elected 2014, ’18

402-471-2642

[email protected]

Courtesy photo

Anna Wishart

Anna Wishart

District 27

Anna Wishart

Lincoln

Elected 2016, 2020

402-471-2632

[email protected]

Courtesy photo

Reach the writer at 402-473-7248 or [email protected].

On Twitter @LJSdon

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