Beginning in the next fiscal year, that rate will drop to 7.50 percent, then to 7.25 percent the following year, and eventually down to a proposed 6.84 percent. For example, LB 432 included a change in the corporate income tax rate, which is now 7.81 percent. On LB 387, the lawmakers approved a 100 percent exemption on military retirement benefits beginning in fiscal year 2022-23.
This will allow more and more people to work from home, as others are doing so now, Clements said. This year’s Legislature, with his support, approved $20 million for the upcoming fiscal year and next for grants to improve this access, he said.
The Elmwood resident, who is on the senate’s appropriations committee, came to the meeting with plenty of figures on what the Legislature achieved this year, and what’s proposed for the future. “Getting internet access into the smaller towns is important to maintain population,” said Clements, whose district includes Cass County.
There will be increased spending on state universities/colleges, according to Clements. For the upcoming year, state funding for these schools will be $685,481,715, compared to $669,962,990 this past year. The state is also looking at a new prison that would likely be built between Omaha and Lincoln because of the large number of potential employees, Clements said. In other measures, the state will provide more exemption on taxes per year on Social Security benefits over a 10-year period.
The Legislature also approved not one, but two, property tax credit measures, one of which will provide a $108 credit subtracted from county property tax statements per $100,000 value on non-agland. This compares to a credit of $86.50 in fiscal year 2018-19. “This will help encourage people to come and retain people in Nebraska,” Clements said.
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