LINCOLN, Neb. (AP) — A report by a Nebraska tax-policy think tank says the state has cut taxes significantly over the last decade, reducing the revenue available for other priorities.
The OpenSky Policy Institute said Monday that tax cut packages enacted since 2005 are expected to cost the state $840 million in revenue per year by 2024. Income tax cuts are expected to account for $487 million of the reductions.
The group says the decreased revenue has contributed to the growing reliance on property taxes. The group, which often emphasizes the need for school funding, says the decline leaves less money available for K-12 schools and state services.