National Signing Day is Feb. 1 and the Husker football team has 14 commitments coming into the day with the potential of four of five more. Bo Pelini is holding a press conference at 2:30 today where he’ll talk about the 2012 signing class. Here is a schedule of when other potential top recruits will make their announcement. Check back here for the latest or follow us on Twitter at Nebraskasports. (All times listed are central time)
Gov. Heineman pitches $326M tax cut plan to legislative committee (AUDIO)
January 26, 2012 By
Gov. Dave Heineman made his pitch for $326.6 million in tax cuts during testimony before the legislature’s Revenue Committee.
The governor has proposed a three-prong package (LB 970). The governor proposes expanding each of the four individual income tax brackets, plus lowering the rates of each bracket. The top corporate tax rate would drop to equal the top individual tax rate; decreasing from the current rate of 7.81% to 6.7%. The inheritance tax would be eliminated.
Heineman pressed his proposal to eliminate the inheritance tax, despite mounting opposition by county officials.
“Despite of all the noise on this issue, it is good tax policy to repeal the inheritance tax,” Heineman told the committee. “This repeal completes the elimination of the death tax.”
Four years ago, the state eliminated the estate tax. Heineman said the state has cut its budget to absorb the $115 million in lost revenue.
Elimination of the inheritance tax, though, is a different matter. Counties collect the inheritance tax. County officials say its elimination will devastate budgets already stretched thin from the economic downturn. Douglas County officials estimate its elimination would cost the county $9-to-10 million. Lancaster County officials projected revenue of $6.8 million from the inheritance tax this year. Some counties in western Nebraska use revenue from the inheritance tax for an emergency fund or to pay for capital improvements.
Some critics of the governor’s proposal have questioned whether the state can afford it, a contention the governor took on during his testimony.
“Some will argue the state can’t afford tax relief, but that’s simply not true,” Heineman stated.
Heineman contended the state needs to lower taxes to remain competitive economically. He said the cut in corporate taxes would spur job creation and that overall tax relief would make Nebraska more attractive for individuals and businesses.
Heineman told committee members the critics are obscuring the benefits of the package.
“The choice for us is clear: tax relief for hard-working, Middle Class Nebraskans or more spending for special interest groups.”
AUDIO: Brent Martin reports [:45]
AUDIO: Gov. Heineman testifies before the Revenue Committee [12:30]
Lawmakers consider limits on state’s occupation taxes
January 26, 2012 By
Sen. Deb Fischer of Valentine
A Nebraska state senator wants to put the brakes on an expansion of occupation taxes in the state. Senator Deb Fischer’s bill (LB 745) was heard by the Revenue Committee on Wednesday.
The bill proposes requiring a public vote before implementation of any new occupation tax. Fischer, a Republican candidate for the U.S. Senate seat now held by Democrat Ben Nelson, proposes requiring a specific purpose for an occupation tax, as well as a sunset date.
Fischer’s bill would also require that any changes to existing occupation taxes, be put before a public vote.
Richard Baier, of the Nebraska Chamber of Commerce and Industry, supports Fischer’s measure. He says there’s been an increase in cities using occupation taxes.
Lynn Rex, the Director for the League of Nebraska Municipalities questioned whether local representative government should have to seek a public vote on every major issue. She says occupation taxes help cities handle the costs of doing business
Opponents of Fischer’s bill fear that taking away occupation taxes would lead to some cities increasing property taxes to make up the difference.
Those same cities have faced state aid reductions and have limits on local sales taxes and property tax rates.
Occupation taxes have been authorized in Nebraska, since the late 1800s.
Doug Kennedy, KWBE, Beatrice
Governor proposes tax cut, senator claims proposal misses mark (AUDIO)
January 23, 2012 By
Governor Heineman says Nebraskans need a tax break, but a state senator believes the governor hasn’t targeted the right tax.
The governor unveiled a $326.6 million tax cut package in his State of the State address. The majority of the tax package is a cut in individual income taxes. The governor proposes cutting the rates in each bracket and expanding all four brackets, for a total cut to individual income taxes of $273.7 million.
“Income tax has always been one that we have known needs to be restructured, because it’s unfair to Middle Class families,” Heineman tells Nebraska Radio Network.
Yet, Sen. Health Mello claims the governor’s proposal is misguided.
“My constituents in south Omaha, as well as constituents of other senators across the state, have been clamoring for property tax relief,” Mello tells Nebraska Radio Network.
Mello notes that the legislature ended state subsidies to local governments last year, causing cities and counties to consider raising property taxes to make-up for the loss of revenue. He contends property tax relief would benefit Middle Class families more than that governor’s proposed income tax cuts.
“If Sen. Mello wants to have an impact on property taxes in Omaha, he needs to run for the Omaha school board, the Omaha city council or the Douglas County board,” Heineman responds when asked to respond to the senator’s comment. “That’s where property tax rates are set, not at the state level.”
Heineman says the legislature ended aid to local governments to prioritize education funding.
Still, Mello contends the governor’s proposal doesn’t provide the tax relief he claims to want, relief for Middle Class Nebraska families.
“Unfortunately, I think his words don’t really match the policy he put forward,” Mello says.
AUDIO: Brent Martin reports [:45]
AUDIO: Brent Martin interviews Gov. Heineman on $326.6 million tax cut proposal [8:00]
IRS is now taking e-filed returns while tax day is April 17th this year
January 18, 2012 By
Most Nebraskans aren’t usually eager to attack the task of doing their taxes, but as of yesterday, the Internal Revenue Service is accepting electronically filed returns for the first time in the new year.
Many Nebraskans buy those big boxes of tax preparation software, but IRS spokesman Christopher Miller says they really don’t need to do that.
Miller says, “You can go to IRS.gov and electronically file your return for free using the same type of tax software that these providers are using and letting 70% of the people across the country use through this system called Free File.”
Last year, more than 70% of Nebraskans e-filed their federal taxes.
If filling out the federal tax forms is something you’d rather avoid as long as possible, you’ll have longer to procrastinate this year.
“April 15th falls on a weekend, a Sunday,” Miller says. “The following day, Monday, might be a good day to do it but it’s Emancipation Day in the District of Columbia and that particular holiday has the same impact as federal holidays on tax days.”
Miller says federal tax deadline day won’t arrive until April 17th, which is two days later than usual.
For answers to your other taxing questions, visit www.IRS.gov.
