Jim Vokal with the Platte Institute was our guest on the KVSH Comment program on Wednesday morning. Mr. Vokal presented our listeners with a review of LB 34 which passed a special session of the Nebraska Legislature and was signed a few weeks ago in Lincoln by Governor Jim Pillen.
The Governor has been pressing to achieve a campaign promise of 40-50% reduction in property taxes in the state. This bill will reduce property taxes in Nebraska by 3%. LB34 will make the income tax credit an automatic credit for property owners. The bill also capped tax collections by counties and cities in the state as well as making the property tax credit fund permanent. An emergency clause in the bill means that it will take effect immediately, and should have an impact on your taxes in 2024.
This bill will equal a bit of real tax relief for many Nebraskans without raising other taxes. Instead, the unicameral found a gaggle of cuts in state spending in various departments.