Small Business Owners Applaud Passage of Property Tax Relief

April 4, 2023

LB 243 provides more than $3 billion in property tax relief over the next six years

Small Business Owners Applaud Passage of Property Tax Relief

LINCOLN (April 4, 2023) – With economic headwinds continuing to take a toll on Main Street, the Nebraska Legislature has advanced LB 243, which provides more than $3 billion in property tax relief over the next six years. Small business owners and taxpayers alike will see a gradual increase in the annual property tax credits. This bill comes on the heels of LB 754, which significantly reduces both the individual and corporate income tax rates and provides roughly $3 billion in tax relief over the next five years. It passed the Legislature last week with the support of NFIB Nebraska. Following the passage of LB 243, NFIB State Director Bob Hallstrom issued a statement: “By providing nearly $6 billion in tax relief over the next five to six years, both Governor Pillen and lawmakers here in Lincoln have prioritized the economic recovery of Main Street. When small businesses owe less in taxes, they’re able to hire more workers, increase wages, and support their local communities. From cutting the individual and corporate rates, to reducing the burden of property taxes, these reforms will make it easier to do business in the Cornhusker State and make us competitive with neighboring states. We look forward to Governor Pillen’s swift signature of these reforms.” Background: LB 243, introduced by Sen. Tom Briese (Albion), would increase annual property tax credits provided to taxpayers from the current level of $315 million in 2023 to $388 million in 2024 and, ultimately, rising to $560 million by 2029. The property tax relief measures are estimated to provide more than $3 billion in relief over the next six years. About NFIB: For 80 years, NFIB has been the voice of small business, advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit www.NFIB.com. ###

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