NEFB supports the potential of redesigning the state’s tax policy system
The Nebraska Farm Bureau says reforming the state’s tax code could strengthen the ag economy by having farmers and ranchers pay less in taxes.
Vice President of Governmental Relations Bruce Reickers says they’re lobbying to broaden the sales tax base to represent the current economy. “We content that property tax is regressive because regardless of your ability to pay, you pay property taxes and that’s not just on ag land that’s for residential and commercial properties as well,” Reickers says.
He tells Brownfield producers pay the largest portion of property taxes under the current system and many state senators would like to see that change.
He says it’s going to take a lot of work to get this accomplished. “Not only within the legislature, but between all of the various stakeholders to say, ‘we’re all in this to balance this.’ There are different ideas on what balance means.”
Reickers says the NEFB supports the newly signed budget which provides $350 million to the refundable tax credit created from last year’s LB 1107.
That bill created the credit based on property taxes paid to schools, which residents were able to claim for the first time this tax season.