LINCOLN, Neb. (AP) — An income and property tax package backed by Gov. Pete Ricketts is headed to the full Nebraska Legislature for debate.
Members of the Revenue Committee advanced the measure Wednesday with a 6-2 vote.
The proposal would reduce the state’s top individual and corporate income tax rates to 5.99 percent, expand the earned income tax credit for low-income residents and change the way agricultural land is valued for tax purposes. The bill would partially pay for the cuts by suspending two current tax credits. The individual income tax cuts would only go into effect in years when state revenue exceeds 3.5 percent.
The bill is expected to face a filibuster in the Legislature. Opponents say they’re not convinced the measure will stimulate economic growth, as supporters have promised.