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Nebraska revenue forecast raised by $90 million, boosting property tax credits
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Nebraska board sees revenue uptick this year before decline
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Nebraska advances phaseout of Social Security income taxes
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GRANT SCHULTE, Associated Press
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OMAHA, Neb. (AP) Nebraska took a big step toward phasing out taxes on Social Security income on Monday, but lawmakers said they might limit the benefit for higher earners.
Lawmakers gave initial approval, 47-0, to a bill that would eliminate the tax over 10 years. Two additional votes are required before the proposal heads to Gov. Pete Ricketts.
Nebraska has roughly 320,000 residents that rely on some form of Social Security, either as a retirement, disability or survivor benefit, said Sen. Brett Lindstrom, of Omaha, who sponsored the measure. Nationally, the benefit goes to more than 64 million Americans.
Nebraska advances phaseout of Social Security income taxes
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Nebraska tax collections beat expectations in March
April 15, 2021
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LINCOLN, Neb. (AP) Nebraska state government tax collections beat expectations in March, state officials said Thursday.
The Nebraska Department of Revenue reported net tax collections of $363 million for the month, which is 18.6% higher than the certified forecast of $306 million.
The increase was driven by higher-than-expected sales-and-use and individual and corporate income tax receipts. Miscellaneous tax receipts were lower than expected.
Tax collections are also up for the fiscal year, which ends on June 30. The state has netted $4.133 billion so far in the fiscal year, which is 15.6% above the state s certified forecast of $3.574 billion.