As the legislature begins Select File debate on the package of bills that become the biennial budget, there remain a lot of hotly debated ideas and plenty of unknowns. When the Legislature began its work in January, they were facing a $432 million budget deficit, setting up an arduous process
11 million Nearly 11 million people live in households that would be at risk of losing at least some food assistance under a proposal under consideration in Congress, according to analysis by the Center on Budget and Policy Priorities (CBPP). Introduced by Rep. Dusty Johnson (R-SD), it imposes harsher work
A lot to report this week as the legislature begins to debate the biennial budget and weigh the options ahead for filling a significant budget shortfall. We’ll get right into it! Four things to know about the budget as we move into debate 1. Low spending growth Projected General Fund
$396 million The Appropriations Committee released the final budget report earlier this week, setting the stage for the proposal that will be debated by the Legislature starting May 6. The shortfall the body needs to close increased to $396 million after less-than-rosy revenue projections by the Nebraska Economic Forecasting Advisory
The Omaha World Herald’s Josh Reyes details several tax policies currently under consideration in the Nebraska Legislature. Read more here.
Dr. Rebecca Firestone spoke with Fred Knapp of Nebraska Public Media about the importance of maintaining a robust cash reserve to safeguard the state in the event of economic downturn, and underscored the importance of sustainable budget decisions amid an additional $190 million budget shortfall. Click here to read more.
Several members of the OpenSky Policy Institute team attended the final meeting of the Nebraska Economic Forecasting Advisory Board last week and offered comment to the Nebraska Examiner regarding the budget deficit. Click here to read more.
FY 25 – Total The NE Department of Revenue projects Nebraska will collect $190 million less for FY 2025 than the previous NEFAB forecast. FY 26 – Total The NE Department of Revenue projects Nebraska will collect $90 million less for FY 2026 than the previous NEFAB forecast. FY 27
In a few hours, the Nebraska Economic Forecasting Board will meet to adjust revenue projections, a critical step in constructing the biennium budget. Stay tuned for updates on our social media and website. 97.4 The National Federation of Independent Businesses (NFIB), a non-profit, nonpartisan group that advocates for small businesses,
$1.5 billion In a letter this week to state senators, Nebraska’s Auditor of Public Accounts, Mike Foley indicated that the state’s largest business incentive programs are on track to reduce General Fund revenues by $1.5 billion over the next four fiscal years. Foley’s letter highlights the pending fiscal obligations of
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State Budget & Taxes Ensuring the state has the revenue for critical investments and to support its changing economy is vital to Nebraska’s future. Key Resources State Budget Overview “Looking for Clarity,” updated in 2023, offers an unbiased look at Nebraska’s budget process, state spending, state revenue and tax expenditures.
