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Winning on Property Tax Relief!

Earlier this week Gov. Pete Ricketts signed into law a state budget that delivers significant property tax relief, one of Nebraska Farm Bureau’s top priorities. Thank you to those members who took action encouraging their senator to make property tax relief a priority in the budget discussions. As a result of the budget actions,  Nebraskans can expect double the amount of tax relief through the new refundable income tax credit for property taxes paid to schools when they go to file their taxes next tax season. Members may recall the new refundable credit was created through the passage of LB 1107 in 2020 which enacted a framework whereby property tax relief would grow as the state’s economy grows. More good news from that framework was delivered Thursday (May 29) when the state’s forecasting board boosted state revenue projections, triggering even more tax relief through the new refundable credit. As a result of the boosted state revenues, Nebraskans will experience nearly 2.5 times the amount of tax relief through the new refundable credit when they file next tax season.

 

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