Skip to content

Tax Reform Debate Begins as Small Businesses Call for Relief

Tax Reform Debate Begins as Small Businesses Call for Relief

February 2, 2023 Last Edit: June 5, 2025

NFIB urges lawmakers to support LB 754

Tax Reform Debate Begins as Small Businesses Call for Relief

LINCOLN (Feb. 2, 2023) – Small business owners across the Cornhusker State are urging lawmakers to support LB 754, which would cut Nebraska’s top corporate rate of 7.25% to 3.99% over the next five years.
Following his testimony before the Revenue Committee, NFIB State Director Bob Hallstrom said:
“With the largest budget surplus in our state’s history, now is the time to give Nebraskans tax relief. Transforming the tax code with a low flat tax rate will not only give the Cornhusker State a competitive edge, but allow more job creators to invest in their employees and expand their operations. What’s good for Main Street is good for all Nebraskans, and we’ll continue to work with lawmakers to make tax relief a reality.”
Background:
According to the Tax Foundation, Nebraska’s top corporate income tax rate is on equal footing with that of New York – with both states levying the 18th highest rate in the country.
State Sen. Lou Ann Linehan (Omaha) introduced LB 754 which would cut the top individual and corporate income tax rates to 3.99 percent by 2027. The reduction of the individual and corporate income rates would be phased in gradually over five years, and provide an estimated $720 million in relief.
Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Receive our newsletter and email notification
Knowledge is power. Let us help you stay informed with breaking legislative news, regulatory updates, business tips, and more.

Related Articles

United States Capitol Building Wide Shot
July 3, 2025
NFIB Thanks Congress for Passing Landmark Small Business Tax Re…
NFIB applauds Congress for passing the One Big Beautiful Bill Act, which in…
Read More
July 2, 2025
NFIB Key Votes One Big Beautiful Bill Act in U.S. Senate and Ho…
NFIB key votes the One Big Beautiful Bill Act in the 119th Congress and urg…
Read More
July 2, 2025
Small Business Owners Push Priorities in Capitol Hill Meetings
Over 80 small business owners attended NFIB’s annual Fly-In. They attende…
Read More
East Front of United States Capitol
July 2, 2025
NFIB Key Votes Final Passage of the One Big Beautiful Bill Act…
NFIB designated H.R. 1, the One Big Beautiful Bill Act as adopted by the U….
Read More

© 2001 - 2025 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy Policy | Accessibility