Lawmakers eye tweaks to Nebraska property, income tax bill

LINCOLN, Neb. (AP) - Nebraska Gov. Pete Ricketts’ income and property tax package faces some possible tweaks before a legislative tax committee votes on it this year.

Sen. Jim Smith of Papillion, the bill’s sponsor, presented the Revenue Committee with a new version of the bill during an executive session Tuesday.

The newest measure would provide an income tax credit equal to 2 percent of property taxes owed on agricultural land, and 1 percent for residential property. Those credits would increase yearly until the credit is equal to 20 percent of property tax bills.

It also would lower Nebraska’s top corporate income tax rate to 6.84 percent, the same top rate paid by individual filers. The plan would cost an estimated $40 million in its first year, and the expense would increase over time.