Statement by Mark McHargue, President, Regarding Use of Additional State Revenues for Tax Relief, Broadband
LINCOLN, NEB. – “With state revenues far exceeding projections, it’s imperative the Legislature act to deliver the maximum amount of property tax relief for Nebraskans possible through the provisions enacted by the passage of LB 1107 last summer. By budgeting to ensure the state’s cash reserve hits $500 million at the end of the fiscal year, the Legislature can ensure triggers are met, directing an additional $173 million in state money to property tax relief over the next two years. As Nebraskans file their 2020 taxes and are able to take advantage of the LB 1107 tax credit for the first time, it’s critical the Legislature fulfill the intent of that bill which is to ensure property tax relief grows as Nebraska’s economy grows. In addition, the Legislature should make sure to fund the $40 million for expanded broadband as proposed in Governor Ricketts’ budget. High-quality broadband is critical to Nebraska to boost economic development statewide. By prioritizing tax relief and broadband, the Legislature will be on target to help Nebraskans and grow our state.”
The Nebraska Farm Bureau is a grassroots, state-wide organization dedicated to supporting farm and ranch families and working for the benefit of all Nebraskans through a wide variety of educational, service, and advocacy efforts. More than 58,000 families across Nebraska are Farm Bureau members, working together to achieve rural and urban prosperity as agriculture is a key fuel to Nebraska’s economy. For more information about Nebraska Farm Bureau and agriculture, visit www.nefb.org.