03/21/2008
Lawmakers adjourned on Thursday for Easter weekend, having advanced revisions to the state budget to Final Reading. When lawmakers return March 25, they will begin debate on a bill (Legislative Bill 1063) that would repeal the death penalty. The Legislature will remain in session until at least 8:30 p.m. most evenings for the balance of the session.
Corporate income taxes
A bill to reduce Nebraska's corporate income taxes for small businesses is on the agenda and could be debated on the floor of the Legislature soon.
LB 888, introduced by Sen. Carroll Burling (Kenesaw) and designated a priority bill by Sen. Scott Lautenbaugh (Omaha), would raise from $50,000 to $100,000 the income threshold for the state's highest corporate tax rate. The bill would apply to all tax years beginning on or after Jan. 1, 2008.
NFIB supports LB 888, which would mark the first change in the corporate income tax threshold since 1975. Nebraska currently has the second-highest nominal rate among surrounding states with a corporate income tax.
Please contact your senator to express your support of LB 888.
Check the Unicameral's Web site for senator contact information.
Roads funding up for debate
Earlier this week, the Legislature ejected an amendment to the Appropriations Committee budget adjustments that would have removed a proposed 1.2 cent-per-gallon increase in the fuel tax. The fuel tax increase would have meant a $14.5 million increase in the state's road building and maintenance budget to cover increased cost in salaries and health insurance coverage.
In a related matter, LB 846 is expected to come up for debate next week. Introduced and prioritized by Sen. Deb Fischer (Valentine), LB 846 would modify the roads' funding formula and the state fuel tax to provide approximately $40 million annually in additional highway construction funding.
