Main Street Calls on Lawmakers to Advance Tax Reform for Nebraskans

March 30, 2023

LB 754 would significantly lower both the individual and corporate income tax rates

Main Street Calls on Lawmakers to Advance Tax Reform for Nebraskans

LINCOLN (March 30, 2023) – Local job creators are eager for lawmakers to pass LB 754, a tax reform package that, among other provisions, would cut Nebraska’s top individual rate from 6.84% to 3.99% and reduce the corporate rate of 7.25% to 3.99% over the next five years. NFIB State Director Bob Hallstrom issued the following statement: “Overhauling the tax code would put Nebraska’s economic recovery on stronger footing, while providing meaningful relief for small business owners. With skyrocketing inflation, an unprecedented worker shortage, and supply chain disruptions continuing to pose significant challenges to local job creators, now is the time for lawmakers to deliver meaningful tax relief. We’ll continue working with lawmakers to make it easier to do business here in the Cornhusker State.” 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 18^th 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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State:

Nebraska

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