LINCOLN – Governor Pete Ricketts held a press conference in the State Capitol Rotunda Thursday with members of the Legislature’s Revenue Committee. The Governor and Revenue Committee Chairwoman Lou Ann Linehan both called on the Unicameral to prioritize tax relief during its 60-day short session in 2022.
The Governor credited the ability to control spending for helping the State of Nebraska achieve the strong financial position it currently enjoys. He called for surplus revenues to be returned to Nebraskans through additional tax relief.
“When we have money in excess of what we need to fund State operations, we need to give it back to the people of Nebraska,” said Gov. Ricketts. “This money doesn’t belong to state government or the Legislature, it belongs to the hardworking people of our state.”
The Governor complimented the Revenue Committee for helping to deliver historic tax relief to Nebraskans through legislation passed in 2020 and 2021. In the current two-year State budget cycle, Nebraskans will see about $2 billion of tax relief. Gov. Ricketts emphasized the need to limit the increase of local property tax askings so that Nebraskans fully benefit from the tax relief provided by the State.
Noting that state government has funds over and above its needs, Senator Linehan urged her colleagues to support tax relief to return money to taxpayers. She also underscored the need for additional tax cuts to make Nebraska’s tax structure more competitive with surrounding states.
Next week, Governor Ricketts plans to recommend a mid-biennium budget adjustment that contains significant room for tax relief.