The Nebraska Legislature has revised the property tax relief bill LB 34 to focus on tax credits rather than sales tax hikes, with a $750 million investment planned, while lawmakers continue to debate and refine the bill.
Nebraska Legislature Revamps Property Tax Relief Bill LB 34: Key Changes and Legislative Reactions
According to 10 11 Now, the Nebraska Legislature has made big changes to the property tax relief bill, LB 34, after a long day of debate. The new version of the bill no longer includes higher sales taxes or changes to school district budgets. Instead, it focuses on giving property owners immediate relief through tax credits. The plan involves investing $750 million this year into a fund for school district property relief, with more money added each year.
Lawmakers had different opinions on the new version of the bill. Some, like State Sen. Lou Ann Linehan, said the changes were necessary but did not go far enough. Others, such as Sen. Julie Slama, were concerned about the quick changes and lack of detailed planning but still voted to move the bill forward. Sen. Megan Hunt was pleased that unpopular sales tax changes were removed.
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$750 Million Investment: Nebraska Legislature Passes Revised Property Tax Relief Bill (PHOTO: Nebraska Examiner)
Governor Jim Pillen Supports Revised LB 34 Property Tax Bill as Senators Plan Further Funding Discussions
After voting to end the first round of debate and advance the bill, Governor Jim Pillen expressed his support for the progress made. He is eager to work with lawmakers to improve property tax reform further. On Wednesday, senators are expected to discuss additional bills to fund the changes proposed in LB 34.
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