Following lengthy debate on property tax relief proposals on the floor, the Nebraska Legislature Tuesday advanced an amended version of LB 34 with what were called the “absolute minimum” provisions.
Lawmakers voted 34-11 to end debate on Legislative Bill 34, which now contains just three components.
Under the measure, all credits for property taxes paid would now be front-loaded onto annual property tax statements instead of forcing taxpayers to claim them on their income tax returns, and school tax credits would be expanded a total of $750 million in the next fiscal year and grow in future years.
In addition, annual increases in property tax-asking authority by municipal and county governments would be restricted by the state and the local index of inflation, or 0% in times of deflation, with exceptions for public safety services, county attorneys and public defenders, as well as instances with voter approval or emergencies.
Lawmakers today begin debate on LB2 and LB3, measures intended to make budget cuts and increase a number of state fees.
