Nebraska officials discuss 2022 state tax reform priorities
LINCOLN, Neb. (WOWT) - Gov. Pete Ricketts and other state officials held a news conference Thursday afternoon to review tax reforms they want prioritized in the 2022 legislative session.
Ricketts was joined by Chairwoman and State Sen. Lou Ann Linehan, a fellow Republican, and members of the state’s revenue committee. They pledged to cut taxes with the $412 million in excess revenue the state has collected over the last year and continue to view income and property tax reductions as one of their top priorities in the 2022 session.
“When we have money in excess of what we need to fund State operations, we need to give it back to the people of Nebraska,” Ricketts said. “This money doesn’t belong to state government or the Legislature, it belongs to the hardworking people of our state.”
Linehan, who leads the Legislature’s tax-focused Revenue Committee, said she expects a push this year to continue lowering Nebraska’s corporate income tax rate, as lawmakers did last year. She said lawmakers will also attempt to cut individual income tax rates and speed up the implementation of a Social Security tax exemption that’s set to go into effect in 2030.
The governor said he plans to recommend a budget adjustment next week with significant room for tax relief.
The Nebraska Unicameral reconvened Wednesday for a new short session.
Watch Thursday’s news conference
The Associated Press contributed to this report.
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