It appears that Nebraska Gov. Pete Ricketts’ property tax proposal hasn’t gained much support since its debut.
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SCOTTSBLUFF, Neb. – It appears that Nebraska Gov. Pete Ricketts’ property tax proposal hasn’t gained much support since its debut. He presented a brief preview during his State of the State fly-in stop at Scottsbluff on Wednesday, Jan. 10, where about 50 people listened to his plans for 2018.
Ricketts said the legislation carrying the proposed tax relief was introduced that day in Lincoln. The Nebraska Property Tax Cuts and Opportunity Act, introduced by Sen. Jim Smith, is touted as being able to deliver more than $4 billion in property tax relief over 10 years for the state’s ag producers and families.
According to Ricketts, the bill restructures existing property tax credits to prioritize middle-income Nebraska homeowners and ag producers. A new refundable tax credit will ensure that Nebraskans receive the property tax relief provided by the state. It will now be delivered as a credit on state taxes, to ensure Nebraska property taxpayers receive the relief. Out-of-state landowners won’t receive the tax credit unless they file their income taxes as
Nebraska residents.
For farmers and ranchers, the plan provides a tax credit on agricultural land, farm sites, and improvements equal to 10 percent of property taxes paid with no cap on the amount of relief. When state revenues reach certain benchmarks, triggers are in place to increase the amount of credits. The cap on the residential credit will increase as the credits increase. Currently, 14 percent of property tax credits on agricultural land are received by non-Nebraska residents.