Scholarship tax credits like the one proposed in LB 295 stand to divert state revenue at a time when we are experiencing revenue struggles. Enacting this measure could force lawmakers to make cuts to vital services such as public K-12 education or shift more of the load of funding our schools on to property taxpayers.
LB 911, a bill that will be the focus of a Revenue Committee hearing Wednesday, could help reduce our reliance on property taxes by bringing more income tax revenue into the way schools are funded.
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Polling: Nebraskans supportive of millionaires taxes, more investment in healthcare and K-12 education
Nearly eight in ten Nebraska voters surveyed in a recent poll would favor increasing state income taxes on those who earn more than $1 million. Almost as many voters – seven in ten -- would support raising state income taxes on those who earn more than $500,000 annually.
See an analysis of LB 1090 and LB 1048, two bills that would help Nebraska's tax code adjust to recent federal tax changes.
See what LB 947's tax changes would mean for some real Nebraska taxpayers.
Faced with continued revenue challenges on the heels of considerable cuts to key services like higher education, the major question LB 947 poses is where do these tax cuts rank in terms of state priorities?
LB 804 is being touted as necessary to bring Nebraska’s 529 savings plans into compliance with federal law. However, the language in LB 804 -- a bill that will be the focus of a Revenue Committee hearing today -- goes beyond allowing Nebraska’s educational savings plan to be used for private K-12 tuition. LB 804 also would create a new state-level tax deduction for private K-12 tuition.
Nebraska’s high reliance on property taxes to fund K-12 education is a serious and long-standing issue that has frustrated our state’s residents for decades. LB 829 – which proposes a refundable credit against state income taxes equal to fifty percent of property taxes paid to support schools – may sound like a good solution at first but in reality the measure would create more problems than it might solve.
RSPV for upcoming policy forums featuring OpenSky, the Nonprofit Association of the Midlands and Nebraska Appleseed.