As many of you may know the Nebraska Legislature adjourned Sine Die last Wednesday, April 18th, and property taxes again dominated the agenda. This year the Nonprofit Association of the Midlands took positions on two bills that would have increased reporting requirements for some nonprofits and negatively impacted revenue for the nonprofit sector as a whole.
LB 1130 -Indefinitely postponed (NAM Opposed)
-Provide a disclosure requirement for certain tax-exempt organizations under the Nebraska Political Accountability and Disclosure Act
LB 947- Indefinitely postponed (NAM Opposed)
-Adopt the Nebraska Property Tax Cuts and Opportunities Act, change income tax rates, and eliminate certain exemptions and credits.
Our opposition to LB 947 was rooted in two key aspects of the bill: fully implemented, it would have cost $650 million by 2030, and without a way to pay for those cuts, the state’s investments in K-12 public schools, health care, public safety, law enforcement, infrastructure and other crucial services could have been cut. With the tax cuts in place, the only other way to preserve funding for these services would be to raise additional revenue by increasing other taxes and fees.
Our work is not over, however. Organizers of a property tax petition are trying to get the issue on the November ballot. The petition would put a $1 billion hole in the state's budget and advocates have not indicated how they propose the lost revenue will be made up.
We will continue to monitor bills that may come up at the state level next session and potential ballet initiative regarding property taxes. Our full Public Policy Agenda can be found here. If you have any questions, please do not hesitate to contact Hannah Young at email@example.com