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Budget, Property Tax Relief Advances

State lawmakers advanced a series of budget bills this week, including provisions that would put additional dollars in the state’s cash reserve triggering additional property tax relief in 2021. The action would ensure Nebraskans get the maximum amount of property tax relief possible through the new Refundable Income Tax Credit (RITC) based on property taxes paid to K-12 schools. Nebraska Farm Bureau estimates the move could double the amount of the RITC tax relief property owners were able to claim this tax season. There’s still time for members to help secure additional property tax relief. The advanced budget also leaves dollars available that could be used to help underwrite education funding reforms and expanded broadband.

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