Nebraska Tax Cuts – Robert Bell, CPA, Auditor
Wednesday, Governor Pete Ricketts signed LB-873 which provides relief from income and property tax. The new law lowers income tax for individuals by 1%, setting the rate at 5.84% by 2027. Further, this legislation will lower tax rates for businesses from 7.5% to 5.84% over the same time period. LB-873 also makes Social Security income exempt from state taxes starting in tax year 2025. Finally, this historic law offers a rebate on property taxes paid to community colleges and protects the tax credit on property taxes paid to support public schools. Tax relief has been the Governor’s number one priority since taking office according to a press release made by the Ricketts team.