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Annual Property Tax Increases


1. The elimination of the state property tax. 2. The reimbursement for the beginning of the phase-out of business inventory, livestock and farm machinery.


3. LB 1059 and the reimbursement for the change in method of taxing business personal property between 1991 and 1992.


Source: Nebraska Department of Revenue data with NTRC calculations. Looking Back: Nebraska’s Failed Tax Shifts


Nearly three decades ago (1990), the Nebraska Legislature passed a measure (LB1059) to impose a massive tax shift by raising the state sales tax from 4.0% to 5.0%, while increasing the income taxes paid by individuals, corporations and financial institutions. At the time, supporters of LB1059 promised the bill would deliver local property tax relief since it expanded state aid for public schools. The plan worked – but only for a few months. By 1992 – less than two years after LB1059 took effect – property taxes soared by roughly 10% statewide, according to a 1996 report by the Nebraska Tax Research Council (the report’s chart is pictured above). In its report, the Council wrote: “Since 1966, the Legislature has provided nu- merous forms of property tax relief through direct state aid, by creating alternative sources of revenue, and by allowing the state to assume control over certain local government functions. The process of providing alternative revenue sources in hopes of reducing property taxes has simply not brought the results that Nebraska’s taxpayers have been looking for.” Efforts by the legislature to reduce local property taxes in 1968, 1973 and 1991 also brought “abnormally high property tax increases,” according to the report.


nebraska SALES TAX spotlight


Q: A:


Is seed flow lubricant or “talc” subject to sales tax?


Yes, since this item was not installed in or on the originally purchased machine that qualified for an ag sales tax exemption, the item does not qualify for the sales tax exemption.


Mar/Apr | The Retailer Magazine | 5


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