New Nebraska tax law likely to slow revenue growth
Thursday, 20 November 2014 09:24
Nebraska's state tax revenue likely won't grow as fast in the future because of a law passed earlier this year.
The director of Nebraska's Legislative Fiscal Office said Wednesday that the average growth rate will likely decline in the future.
State officials generally assume that revenue will grow at an average rate of 5 percent per year. Fiscal office director Michael Calvert told a legislative committee that a new tax-bracket indexing law will slow the increases over time.
The law ensures that Nebraska's income tax brackets automatically keep pace with inflation. Previously, taxpayers who received a cost-of-living increase would get bumped into a higher tax bracket, where they ended up paying more.
Lawmakers will craft a new two-year state budget in the session that begins in January.
No cause yet for fire at Mitchell grain elevator
Thursday, 20 November 2014 09:20
Authorities say they will need to remove chemicals and other debris from a grain elevator complex building in Mitchell before they can start investigating the cause of a fire that destroyed the structure.
The Wednesday fire occurred in a CHS Farmers Alliance building that housed farm chemicals and fertilizer. No one was hurt, and authorities say there was no immediate danger to the public. A Sioux Falls company was called in to monitor air quality.
Company General Manager Jim Morken tells The Daily Republic newspaper that officials believe all of the chemicals were contained within the burned-out structure.
Morken tells KELO-TV that the company had just completed construction of the building last summer. He says the fire is a setback, but crunch time for farm chemicals won't be until spring.