Nebraska Gov Pete Ricketts has signed the largest tax relief package in state history. When fully implemented, LB 873 will include nearly $960-million dollars in income and property tax relief.
The governor was joined at a signing ceremony in the Capitol rotunda by state senators, business leaders, senior citizen advocates, representatives of ag groups, and other tax cut supporters.
Ricketts said the bill provides 12 times more annual tax relief than any tax bill passed in any prior administration with savings going to senior citizens, families, ag producers, and small businesses.
The biggest chunk of tax relief comes from reducing the top rate on individual and corporate income taxes, but the package also speeds up 100% income tax exemption of Social Security.
It also creates a new refundable income tax credit equal to 25% of the property taxes a person paid to community colleges.