Business
1:31 pm
Thu July 12, 2012

Report calls for reform of Nebraska's tax system

An economic analysis group says Nebraska lawmakers need to explore changes to the state’s tax policy.

The Open Sky Policy Institute released a report Thursday morning on Nebraska’s budget and tax policy. Executive Director Renee Fry says state government needs to look at reforming the tax code, as well as expanding what goods and services are taxed. 

Fry hopes the Unicameral will form a committee to study the issue. She wants that committee to include members of the public. The Open Sky report also looks at Nebraska’s corporate income tax system. Fry says $155 million, or five percent, of the state’s total revenue comes from corporate income taxes. 

John McCollister, executive director of the Platte Institute, says there shouldn’t be changes to the corporate income tax system, because it could hurt business.

The Open Sky report calls for state lawmakers to draft a strategic plan that goes beyond just the budget. McCollister says the Platte Institute is in agreement on the value of a strategic plan.