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Lawmakers Look at Ways to Lower Nebraska’s Corporate Taxes

taxesLINCOLN, Neb. (AP) — With a pronounced focus on slashing property taxes this year, two Nebraska lawmakers say cutting corporate taxes should also be a priority.

Sen. Paul Schumacher of Columbus and Sen. Dan Watermeier of Syracuse brought bills to the revenue committee Thursday which they say would help the state more than its myriad tax incentives.

Schumacher’s measure would create a state tax credit equal to their federal tax liability. Corporations could not use the credit for their own income tax, but would distribute the credits between employees and shareholders.

Watermeier’s bill would lower corporate taxes to align with the two highest individual income tax rates. The measure would only apply to corporations that are owned by shareholders.

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