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Income tax bill no feasible as it stands

Posted: 02/14/14 08:41

Even the lawmaker who introduced a bill seeking to lower Nebraska's income tax rates is acknowledging the proposal needs to be changed. Sen. Burke Harr, of Omaha, introduced the bill, which was heard Thursday by the Revenue Committee. The bill would lower personal income and corporate tax rates gradually by 2017 and reduce the number of tax brackets from four to three. Harr notes a recently completed fiscal study of the bill indicates it's not workable, as the state would lose $595 million in revenue in fiscal year 2017. Other lawmakers expressed concern the bill would hurt funding for state program.