Bloomberg Tax
May 25, 2023, 10:53 PM

Nebraska Approves Lowers Tax Rates, SALT Cap Workaround

Michael J. Bologna
Michael J. Bologna

More than $3.3 billion will be sent back to Nebraska taxpayers over the next six fiscal years under legislation approved by the state Legislature Thursday that lowers and flattens income tax rates, shields Social Security income from tax, and grants a new child care tax credit.

Nebraska is also offering taxpayers a pass-through entity tax workaround to the federal $10,000 state and local tax deduction limit. In an unusual twist, the “SALT cap workaround” provision would be available retroactive to 2018. Colorado is the only other state to have implemented a pass-through entity regime reaching back ...

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