NE Chamber President Bryan Slone today issued the following statement in response to Governor Jim Pillen’s signing of the LB754 and LB243, the income and property tax relief packages passed by the 2023 Nebraska Legislature.
“For decades, excessive tax burden has been holding Nebraskans and their families back, not to mention the food, goods and services they work hard to provide to our nation and world. It’s been dead weight on our shoulders as families seek greater opportunity for their children and grandchildren and farmers, ranchers and businesses work to grow their operations. In global markets, high taxes make our products less competitive.
“The tax cuts signed into law today will be transformational. They will unleash growth, which will unleash opportunity for all Nebraskans and attract new residents to the Good Life.
“Much credit goes to the Governor and legislators who strongly believed excess money does more good back in the pockets of hardworking Nebraskans.”
LB754 lowers the top two individual and corporate income tax brackets to 3.99% by FY27 and exempts social security from income taxes starting in tax year 2024, among other provisions. LB754 will deliver over $1.48 billion in tax relief by FY27 and $3.2 billion by FY29. LB243 increases contributions to the Property Tax Credit Fund, takes community colleges off the property tax rolls, and provides soft caps on local school district spending. When combined with an increase in state aid to education, this year’s legislation will deliver over $2.1 billion in property tax relief by FY27 and over $3.3 billion by FY29.
The NE Chamber is the largest, statewide business association, proudly serving its members since 1912. It is where members of the business community gather to help make Nebraska the best place to own, operate and grow a business. Focused on delivering economic and workforce growth and a competitive business climate, members also gain a network of experienced, connected business leaders across the state. Learn more at nechamber.com.
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