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Nebraskans react to social security tax exemption

KLKN-TV Lawmakers passed the gradual tax phase-out on a 41-0 vote. May 20, 2021 10:38 pm LINCOLN, Neb. (KLKN) –  On Thursday, Nebraska lawmakers passed a bill that would reduce state income tax on social security, and eventually eliminate it completely. The bill was introduced by Sen. Brett Lindstrom, of Omaha. It would reduce the taxes paid on Social Security income by 5% this year, 20% next year and 30% in 2023. The exemption would continue to grow until it hits 100% in 2030. “This is an issue that we’ve been working on in Nebraska for 20 or more years,” AARP volunteer state president David Holmquist said. “We have finally gotten over that big first hurdle, and we will prevail.”

Legislature Votes To Gradually Abolish Social Security Tax

Nebraskans receiving Social Security income will pay less in taxes on that income each year until it’s fully exempt in 2030, under a bill that won final approval from lawmakers. Lawmakers passed the gradual tax phase-out on a 41-0 vote. It now heads to Gov. Pete Ricketts, who’s expected to sign it. The bill by Sen. Brett Lindstrom, of Omaha, would reduce the taxes paid on Social Security income by 5% this year, 20% next year and 30% in 2023. The exemption would continue to grow until it hits 100% in 2030. Supporters say the bill would help ease the tax burden on seniors and make Nebraska attractive compared to neighboring states that don’t tax Social Security, including Iowa.

Nebraska lawmakers pass Social Security tax exemption

Nebraska lawmakers pass Social Security tax exemption May 20, 2021 FacebookTwitterEmail LINCOLN, Neb. (AP) Nebraskans receiving Social Security income will pay less in taxes on that income each year until it s fully exempt in 2030, under a bill that won final approval from lawmakers on Thursday. Lawmakers passed the gradual tax phase-out on a 41-0 vote. It now heads to Gov. Pete Ricketts, who s expected to sign it. The bill by Sen. Brett Lindstrom, of Omaha, would reduce the taxes paid on Social Security income by 5% this year, 20% next year and 30% in 2023. The exemption would continue to grow until it hits 100% in 2030. Supporters argued that the bill would help ease the tax burden on seniors and make Nebraska attractive compared to neighboring states that don t tax Social Security, including Iowa.

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