(Zach Wendling/Nebraska Examiner)LINCOLN — Freezing property valuations or increasing income tax credits could be a “backup plan” should Nebraska lawmakers fail to pass significant property tax relief this summer. Brewer’s Legislative Bill 34 would freeze property valuations for four years, while Brandt’s LB 33 would increase refundable income tax credits by $600 million, up to $1.16 billion. “This is the most reasonable backup plan, and that’s why I went with it.”Pillen has remained firm that he believes the property tax “crisis” is not a valuation problem but a spending problem. Mike McDonnell, John Cavanaugh and Kathleen Kauth, along with Brandt, have more targeted legislation to address or exempt property based on valuations. Unlike Pillen’s LB 1, the “alternative” proposal would reduce maximum school tax rates, over a decade, by 80 cents.

Source: Daily Sun August 05, 2024 21:09 UTC