Nebraska lawmakers on Thursday approved a nearly $900 million dollar income and property tax cut package and sent it to Gov. Pete Ricketts, who’s expected to sign it.
The measure drops the top individual and corporate income tax rates to 5.84% by 2027 and creates a new refundable tax credit to reimburse property owners for some of the taxes they pay to local community colleges.
It also speeds implementation of a law phasing out Nebraska’s income tax on Social Security income, pushing it to 100% in 2025.
. The measure passed after several setbacks in the Legislature and despite concerns from some senators about its long-term impact on the budget after federal COVID and infrastructure stimulus programs end.