Nebraska lawmakers scale back proposed corporate tax cut

Nebraska News

Nebraska state senators vote on a property tax bill in Lincoln, Neb., Tuesday, Aug. 11, 2020. Nebraska lawmakers pushed a property tax package through another procedural vote and were expected to do the same for new abortion restrictions in the session’s final days. (AP Photo/Nati Harnik)

LINCOLN, Neb. (AP) — Nebraska lawmakers have scaled back a proposed corporate income tax cut on to compromise after some senators complained that most local taxpayers wouldn’t see any benefit.

Senators trimmed the proposed tax cut by roughly half and advanced it to a third and final vote in the Legislature, after which it would go to Gov. Pete Ricketts.

Supporters argued that the lowering the rate would make Nebraska more attractive to large businesses that would create new jobs, but some lawmakers said it would make more sense to focus on education and job-training programs.

The new measure would reduce the top corporate income tax rate from its current 7.81% to 7.25% over two years. Supporters initially pushed to lower it to 6.84%.

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