Tax burden study release, revised revenue forecast highlight a busy Friday in fiscal news
Friday was a busy day in state fiscal news as the Department of Revenue released the 2012 Tax Burden Study and the Nebraska Economic Forecasting Advisory Board revised its revenue forecast.
The Tax Burden Study showed that a $100 million income tax cut would not come close to paying for itself and would largely benefit high-income Nebraskans.
The Forecasting Board reduced its forecast by $154 million over the next biennium, which means the state now faces a $132 million budget shortfall.
OpenSky Executive Director Renee Fry said Nebraska is in a good position to weather such scenarios because lawmakers have exercised fiscal prudence in building up a strong cash reserve.