Oppose Decoupling Nebraska's Tax Code

As an amendment to LB1074, AM3093 was introduced to decouple the Nebraska tax code and undo several economic and tax relief measures enacted by the Federal CARES Act. The amendment would:

• Take away favorable tax relief provisions for Nebraskans who are contributing to charities.

We need to encourage more charitable giving, not less. Charitable organizations play a vital role in our communities.

• Strike favorable tax relief provisions for Nebraska business who are helping their employees pay down student debt.

The CARES Act allows employers to pay down employee student debt, tax free. The amendment would prevent at CARES Act provision that promotes upskilling, education and less student debt for employees.

• Take away Nebraska individuals' and non-corporate businesses' ability to carry back losses five years.

The CARES Act allows taxpayers to carry back losses generated in 2020 for five years; an efficient mechanism to provide cash flow and liquidity during this economic crisis. This is what our businesses need and it's not fair to put Nebraska businesses at a competitive disadvantage with other states.
 
The provisions in the CARES Act are considered critical for restarting the country's economy, protecting jobs and helping individuals. 

Decoupling at the current time would amount to a big tax increase on businesses that are struggling the most to regain their footing during the ongoing pandemic.

The Lincoln Chamber of Commerce encourages our members to support our advocacy efforts by contacting members of the Revenue Committee and asking for a 'NO' vote on AM3093.