Even the lawmaker who introduced the bill seeking to lower Nebraska's income tax rates is acknowledging the proposal needs to be changed. Sen. Burke Harr of Omaha introduced the measure heard Thursday by the Revenue Committee.
The proposal would lower personal income and corporate tax rates gradually by 2017 and reduce the number of tax brackets from four to three.
Harr says the state is receiving more tax revenue than it is spending and the bill would help make the state more competitive. But Harr notes a recently completed fiscal study of the bill indicates it's not workable as the state would lose $595 million in revenue in fiscal year 2017.
Other lawmakers expressed concern the bill would hurt funding for state programs.