August 28, 2015

Governor signs tax relief bills

Nebraska Governor’s pen got quite a workout today. He signed into law a series of bills designed to provide tax relief. Those bills include:

LB 987 that changes individual income tax brackets for inflation, social security and veteran retirement.

LB 96 eliminates the sales tax on the purchase, lease, rental or storage, repair or replacement parts for farm equipment.

Earlier Governor Heineman signed into law:

LB 905 increases the Property Tax Credit Program by $45-million.

LB 986 that expands Nebraska’s Homestead Exemption Program so more residents qualify.

LB 1087 that expands the program to include an exemption for honorably discharged veterans.

Governor Heineman also plans to sign LB 867 soon that will exempt sales and use taxes on purchases made by historic automobile museums, rental of gold or silver bullion and postage charges. It would also exempt retail sales of compressed natural gas used in motor vehicles.

The $412-million in tax relief will be spread over the next five years. Governor Heineman calls this “responsible, meaningful and significant tax relief”.

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