Tax Reform Debate Begins as Small Businesses Call for Relief

Date: February 02, 2023

NFIB urges lawmakers to support LB 754

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.”
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.

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