NewsLocal News


Nebraska corporate tax cut wins initial OK from lawmakers

Nebraska Unicameral
Posted at 2:42 PM, Apr 27, 2021
and last updated 2021-04-27 15:42:25-04

OMAHA, Neb. (AP) — A proposed tax cut for corporations and a tax credit for parents grieving a stillborn child have won initial approval from Nebraska lawmakers, who criticized parts of the package but still gave it strong support.

The measure advanced 41-1 Tuesday in the first of three required votes, after hours of public debate spread over two days. The bill combines several proposals, including a gradual reduction in the top corporate income tax rate.

Backers argued that the top corporate rate, 7.81%, should be lowered to match the top individual income tax rate of 6.84%. Under current law, many small businesses in Nebraska are allowed to file as individuals rather than corporations.

Download our apps today for all of our latest coverage.

Get the latest news and weather delivered straight to your inbox.