Lincoln Chamber Applauds Passage of LB873

Today was a big day for Nebraska.

Lowering the tax burden on our state has long been at the forefront of our work at the Chamber, as outlined in our State Policy Agenda. And today, we were able to celebrate our ongoing efforts to protect Lincoln taxpayers as LB873 passed final round approval on a 43-0 vote, making it the largest tax cut in state history.

This transformative tax package will reduce individual and corporate income tax rates down to 5.84% over five years, boost total income tax credits available for property taxes paid to local schools and phase out income taxes on social security income. It also positions our state to better compete for high quality jobs and investments, aids in talent retention and significantly impacts the economic vitality of Nebraska.

Thank you to everyone who played an instrumental role in getting this important bill across the finish line, including:

•    Senators (including all Lincoln senators) who approved this transformative measure

•    Scott Gubbels of Nelnet and Adam Kavan of Kavan Custom Construction for speaking in support of these individual and corporate tax rate reductions in February

•    Speaker Mike Hilgers and Revenue Committee chair Senator Lou Ann Linehan for their strategic leadership and ongoing advocacy

•    Lincoln business leaders for responding to our Lincoln Chamber Action Alerts by contacting our senators to voice support

Please join us in applauding our state senators for making this incredible tax cut a reality for all Nebraskans.