Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

Nebraska’s Governor Eyes $1.5 Billion Surplus for Tax Relief

Jan. 13, 2022, 8:43 PM

Nebraska taxpayers could see a chunk of the state’s substantial budget surplus back in their wallets under proposals presented by Gov. Pete Ricketts cutting individual income and property taxes.

Pointing to a projected $1.5 billion surplus in Nebraska’s Cash Reserve Fund by the end of fiscal year 2023, Ricketts offered three strategies for cutting taxes during his annual state of the state address Thursday. Ricketts, a second-term Republican, presented a plan to reduce the top individual rate from 6.84% to 5.85% over five years. Ricketts emphasized the change wouldn’t primarily benefit wealthy taxpayers.

  • “For those who may ...