By Jordan Rasmussen, former staff member
Earlier this week, your calls and emails helped stall LB 947, the governor's irresponsible tax bill. Thank you! But, efforts are underway to try to revive the bill and bring LB 947 back to the floor for debate. We need your help to continue to hold back this reckless legislation.
Combined with unfunded income tax credits and lost revenues from corporate income tax cuts, LB 947 would cost the state $650 million when fully implemented. This would place added strain on already tight budgets and require drastic cuts to services, especially with no new identified sources of revenue.
Please continue to call and email your senator and tell them to vote NO on LB 947.
But, legislation which will provide real property tax relief, that is paid for and protects our schools and state budget, is on the agenda for today. Sen. Tom Briese has filed Amendment (AM) 2308 to amend LB 1103 – bringing LB 1084 to the floor for debate. This amendment, drawn from LB 1084, seeks to restore state funding for education and provide property tax relief. The amendment has four primary components:
1) Raises $485 million by reinstating the alternative minimum tax, increasing sales tax by one cent and the cigarette tax by $1.50, placing a surtax on Nebraska's highest income earners and eliminating the personal property tax exemption.
2) Revenues will be used to:
- Reinstate and restore funding for K-12 education.
- Provide $500 per pupil funding outside of the education funding formula and inject eighty million dollars into special education reimbursement, decreasing schools' forced reliance upon property taxes.
- Increase the earned income tax credit (EITC) from 10 to 15 percent for the benefit of low income households.
- Funds will also be funneled to the property tax credit fund for direct property tax relief.
3) Places a soft cap on local property taxes for K-12 education while allowing for fluctuations in student populations and inflation.
4) Prompts the Nebraska Department of Education to conduct a study on funding for K-12 education to find a more long-term, sustainable funding solution.
Your senator needs to hear from you. This amendment is the only responsible legislation that will help bring immediate property tax relief to Nebraska taxpayers, while also protecting funding for schools and the broader state budget.
Please call and email your senator and tell them to vote YES on AM 2308 and LB 1103.
Your calls and emails are making a difference. Thank you!
