There are many factors that influence profitability in agriculture; taxes are one of them. Sound tax policy that recognizes the unique nature of agriculture is important to keeping farmers and ranchers in business. That’s why Nebraska Farm Bureau engages on key issues that affect farm and ranch families’ tax bills. Whether it’s inequity in property taxes used to fund schools, or pushing to repeal death taxes that can wipe out the generational transfer of family agriculture operations, Nebraska Farm Bureau is an advocate and voice for farmers and rancher on tax policy at the local, state and national level.
ACT NOW! Double Your LB 1107 Property Tax Relief
Tell your state senator it’s critical they craft the state budget to meet LB 1107 triggers, so you get the full amount of property tax relief possible in 2021!
The passage of LB 1107 put a framework in place to ensure property tax relief for Nebraskans would grow as the state’s economy grows.
In 2020, the average Nebraska farm received an additional $1,000 in property tax relief through the new LB 1107 refundable income tax credit. That amount could DOUBLE in 2021 if state lawmakers ensure $500 million is in the state’s cash reserve at the end of the fiscal year, triggering additional property tax relief.
As senators prepare to debate the state budget in late March, they need to know property tax relief is still the top priority and it’s imperative they act to make sure you get the full amount of property tax relief they can deliver.
Nebraska Farm Bureau’s 2021 Tax Relief Legislative Priorities
- Secure additional property tax relief through LB 1107 triggers ($190 million in additional tax relief).
- Pass LB 454 – Provides additional state aid to high property tax school districts and lowers the value of agricultural land for school taxes, helping push more state funding to rural districts.
- Pass LB 2 – Lowers the value of agricultural land to 30% for purposes of repaying K-12 school bonds.