Statement by Mark McHargue, President, Regarding the passage of LB 873 One of the Largest Tax Cuts in State History
LINCOLN, NEB. – “Nebraska Farm Bureau (NEFB) and the farm and ranch families we represent are thrilled to see the Legislature took the bold action of passing LB 873, one of the largest tax cuts in the history of Nebraska. When fully implemented over the next five years, the nearly billion-dollar tax relief package will save Nebraskans an estimated $886 million in property taxes per year. On top of that, Nebraskans will benefit from substantial income tax savings. We want to thank state senators for their efforts to get this bill across the finish line, and onto the Governor’s desk.”
“This tax relief bill is transformative for farmers and ranchers and all Nebraskans across the state. The successes we saw from the refundable income tax credits passed in 2020 were outstanding, and to be able to secure those successes and ensure even further property tax relief for Nebraskans is a windfall.”
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 55,000 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.