Gov. Heineman outlines plans for individual, corporate income tax cuts
Exemptions on medical equipment, prescription drugs, and manufacturing machinery are among those Governor Dave Heineman wants removed from the state’s tax code.
Heineman released more details Friday on his proposal to cut corporate and individual income taxes. Next Tuesday, two separate bills will be introduced in the Legislature. One would eliminate individual and corporate income taxes by removing $2.4 billion in tax breaks.
The second measure would end about $395 million worth of sales tax breaks. It also would provide exemptions for retirement income, up to $12,000 based on marital status, according to the Associated Press.
Governor Heineman says two bills will be introduced so Nebraskans can weigh in on which exemptions should stay and which should end. Senators Brad Ashford and Beau McCoy will sponsor both bills.