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Nebraska legislators advanced budget bills for a final vote last week. First District State Senator Lavon Heidemann says amendments were approved prior to passage of the bills to lessen the impact of Governor Dave Heineman’s tax cut proposal. (play audio :23)
Following approval of the budget bills, legislators moved to consider LB-970, the Governor’s tax cut proposal. That would have lowered individual and corporate income tax rates, while also eliminating the inheritance tax. Amendments whittled the impact of the governor’s original proposal from an estimated $327 million to $148 million. Senator Heidemann says he worked, as chairman of the Appropriations Committee, to lower the fiscal impact even further. (play audio :42)
With a projected budget shortfall in the next two years, Senator Heidemann says the legislature could revisit the tax cut proposal next year if state revenue doesn’t rebound to adequate levels.
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