Printer Friendly
Email to a Friend
LINCOLN, Neb. (AP) - Nebraska's state tax revenue likely won't grow as fast in the future because of a law passed earlier this year.
The director of Nebraska's Legislative Fiscal Office said Wednesday that the average growth rate will likely decline in the future.
Thte officials generally assume that revenue will grow at an average rate of 5 percent per year. Fiscal office director Michael Calvert told a legislative committee that a new tax-bracket indexing law will slow the increases over time.
The law ensures that Nebraska's income tax brackets automatically keep pace with inflation. Previously, taxpayers who received a cost-of-living increase would get bumped into a higher tax bracket, where they ended up paying more.
Lawmakers will craft a new two-year state budget in the session that begins in January.
© Associated Press
MOST VIEWED STORIES
Atchison Walmart robbery sparks suspect search
Atchison man arrested following pursuit
Packed hearing Thurs for Atchison Co Lake's future
Hiawatha USD 415 Supt. announces retirement
Pottawatomie Co Sheriff's Office K9 dies
City Commission approves removal of breed-specific dog ban
Brown Co man involved in fatal central KS crash
New Jeff Co North leadership hired
Wrecked motorcyclist escapes serious injuries
Local judge among 15 seeking Supreme Court vacancy
Longtme Falls City business owner dies
Atchison's black business past set for renewal
Decision made on future of Atchison Co Lake
Nemaha Co Attorney discusses retirement plans with commission
Jackson Co voters to face special question in November
Plea entered in Jackson Co child sex case
Two arrested after Jackson Co traffic stop
Lancaster Fire gains firetruck
LATEST STORIES
Falls City Council moves forward with bonding for future electrical needs
Flags to fly in honor of fallen KS paramedic
Brown Co man involved in fatal central KS crash
Two arrested after Jackson Co traffic stop
Decision made on future of Atchison Co Lake
Wrecked motorcyclist escapes serious injuries
Lancaster Fire gains firetruck
Atchison's black business past set for renewal
Nemaha Co Attorney discusses retirement plans with commission
Hiawatha, Ks 66434