Ricketts Says Big Jump In State Revenue Means More Money For Property Tax Relief

      Nebraska Governor Pete Ricketts says the big surplus created when net tax revenue far exceeded estimates for the fiscal year that ended June 30th means even more money going to property tax relief.

       General fund tax receipts for Fiscal 2020-21 were $958 million dollars or 19.2% above the  projections issued last October by the Nebraska Economic Forecasting Advisory Board and $379-million over the board’s update estimate in April.

      Ricketts issued a statement Thursday praising Nebraskans for the way they “weathered the pandemic with grit and determination,” as the economy “powered through the uncertainty of the last year.”

      The governor said as a result of the increased revenue and LB-1107, the property tax relief bill passed last year, there will be record property tax relief next year for farmers, ranchers, homeowners, and small businesses.

     LB-1107 created the Property Tax Incentive Credit, which is applied to state income taxes based on property taxes paid. It had an initial funding of $125-million with future levels dependent on state revenue. Next year’s total will be $548-million.

       Ricketts said the state also has $300 million in direct relief through the Property Tax Credit Relief Fund and $104 million through the Homestead Exemption for $952- million dollars in direct property tax relief in Fiscal Year 2021-22.

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