Thu February 6, 2014
Retirees could benefit from Neb. tax measures
LINCOLN, Neb. (AP) — Retirees and low-income elderly residents could see their tax burdens lowered in Nebraska under measures in a legislative committee.
The bills presented Wednesday would allow more elderly Nebraskans to qualify for homestead exemptions, and exempt a portion of Social Security income from state taxes.
One bill would ensure that the state's tax brackets keep pace with inflation. Senator Galen Hadley, chairman of the Revenue Committee, says the tax-bracket bill amounts to a tax cut that would benefit residents of all incomes.
The proposals were introduced after a series of public hearings held by the Legislature's Tax Modernization Committee.
The bills are LB986 and LB987.
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