DES MOINES, Iowa (AP) — Senate Democrats are proposing a plan for reducing commercial property taxes that they say would help small businesses more than Governor Terry Branstad's tax proposal.

Katie Schubert / KIOS-FM

Iowa Governor Terry Branstad says property tax relief, education reform, and job creation are at the top of his list for the 2013 legislative session.

Groups prepare for debate on tax plan

Feb 6, 2013

LINCOLN, Neb. (AP) — A veterans' group has endorsed Gov. Dave Heineman's plan to eliminate Nebraska's corporate and individual income taxes, but opposition is mounting from business groups.

Hearings begin Wednesday on two bills that could eliminate Nebraska’s individual and corporate income taxes.

Exemptions on medical equipment, prescription drugs, and manufacturing machinery are among those Governor Dave Heineman wants removed from the state’s tax code.

Governor Dave Heineman is expected to release more details Friday morning about his income tax plan.

While much of the impact of the fiscal cliff was avoided with legislation passed by Congress, there will still be economic effects.

A new report from Nebraska’s Open Sky Policy Institute says counties would have to raise property taxes an average of seven percent if the inheritance tax ends.

U.S. Senator Mike Johanns says a combination of tax increases and spending cuts set to happen in January would hurt Nebraska families’ bottom lines.

The Omaha City Council is scheduled to vote Tuesday on a tax increment financing district in the area surrounding TD Ameritrade’s new headquarters.

The headquarters is in Omaha’s Old Mill area, south of 114th and Dodge Streets. TD Ameritrade officials say the TIF is needed for five-million dollars worth of infrastructure improvements. City Councilmen previously declared the area blighted.

Douglas County Commissioners oppose the TIF district, saying the revenue will only benefit the city of Omaha.

The City Council meets at 2pm.