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Update from the State Capitol
When lawmakers return to work March 17, following the long, four-day weekend, only 17 days will remain in the 2014 legislative session. With time running short, and many priority bills yet to be debated, the speaker of the Legislature has announced that late night sessions will commence on March 18. Three late night sessions, which can go as late as 11:59 p.m., have been scheduled for each of the last three weeks of the session.
The legislature has given first-round approval to an updated, two-year state budget of $7.9 billion. The revised budget includes funding for property tax relief, water projects, state park renovations, early childhood education, job-training programs and pediatric cancer research.
During debate on Legislative Bill 905, an effort was made to increase funding of the Property Tax Credit Cash Fund. The bill would add $25 million in funds to the existing $115 million in annual property tax relief. Sen. Galen Hadley (Kearney), proposed an amendment to provide an additional $20 million in funding for property tax relief, which was defeated on a vote of 20 to 18, with 25 votes needed to adopt the amendment. NFIB supports additional funding for the Property Tax Credit Cash Tax Fund.
Income Tax Relief
Lawmakers also gave first-round approval to a measure (Legislative Bill 987) introduced by the Revenue Committee that would index state income tax brackets for inflation and reduce the amount of social security benefits that are included in federal adjusted gross income for income tax purposes. NFIB supports the tax relief provided under LB 987.
Previous 2014 Legislative Reports
From most recent down to first