Two key reports to be released

Two key reports to be released

Two key reports being released next week by the Revenue Committee will help set the table for debate in the upcoming legislative session on two key issues: how Nebraska taxes agricultural land (LR566) and possible changes to the state’s income tax system (LR571).

Committee Chairman Sen. Galen Hadley of Kearney introduced both interim study measures last session. The new session begins Jan. 7.

Both reports will be released on Tuesday, Dec. 9 at a 1:30 p.m. in Room 1524 of the state Capitol. The hearings will be live streamed on NET and open to the public, but no public testimony will be taken.

Nebraska currently taxes agricultural land at 75 percent of market value. Commercial and residential property is taxed at 100 percent.

From 1999 to 2013, agricultural land in Nebraska saw a 193 percent increase in value for tax purposes, while commercial property saw an increase of 111 percent and residential property saw an increase of 104 percent.

The people of Nebraska said during the 2013 and 2014 Legislative sessions that they wanted a stable tax system that balances income, property, and sales taxes.