Nebraska Board Forecasts More Money for State Lawmakers
LINCOLN, Neb. (AP) — Nebraska will get an extra $266 million in tax revenue for the state budget between now and June 2021, based on new estimates that could give lawmakers more wiggle room to pay for state government services and cut property taxes.
Members of the Nebraska Economic Forecasting Advisory Board approved the new projections Thursday, citing a strong state economy.
Under state law, about $161 million of that total will flow automatically into the state's cash reserve fund, which is designed for emergencies and one-time expenses.
That will leave lawmakers and Gov. Pete Ricketts with about $102 million in leftover money at their disposal in next year's session, after accounting adjustments.
Sen. Lou Ann Linehan, chairwoman of the Revenue Committee, says lawmakers need to use that money to lower property taxes.