Nebraska corporate tax cut wins initial OK from lawmakers

Nebraska News

PHOTO: Nebraska Unicameral Information Office

OMAHA, Neb. (AP) — A proposed tax cut for corporations and a tax credit for parents grieving a stillborn child have won initial approval from Nebraska lawmakers, who criticized parts of the package but still gave it strong support.

The measure advanced 41-1 Tuesday in the first of three required votes, after hours of public debate spread over two days.

The bill combines several proposals, including a gradual reduction in the top corporate income tax rate. Backers argued that the top corporate rate, 7.81%, should be lowered to match the top individual income tax rate of 6.84%.

Under current law, many small businesses in Nebraska are allowed to file as individuals rather than corporations.

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