Gov. Pete Ricketts has signed into law legislation which adjusts the state tax code to conform to changes made to the federal tax code.
Legislative Bill 1090 restores the individual personal exemption on state income taxes eliminated by Congress.
“Now this potentially avoided a nearly $200 million tax increase on Nebraskans,” Ricketts says during a signing ceremony at the Capitol. “And, so again, this was a very important bill for us to be able to take care of.”
Sen. Jim Smith of Papillion sponsors LB 1090 and points out not all states took such action.
“Some other states have other designs on those changes taking place at the federal level and the impact it’s going to have on their states,” Smith says. “But, once again, Nebraska has proven that it wants to do things differently and wants to do what’s right for Nebraska’s businesses and Nebraskans.”
LB 1089 restores the personal property tax exemption for purchases of agricultural and business exemptions eliminated by the federal tax code overhaul.