Corporate Tax Cut Passes Legislature

Nebraska lawmakers have approved a corporate income tax cut designed to bring the rate closer to the one paid by small business owners, despite objections that the lost revenue could be used for other purposes. Senators voted the measure through its third and final vote, 42-1, and sent it to Republican Gov. Pete Ricketts, who’s expected to sign it. The measure would drop Nebraska’s top corporate income tax rate from 7.81% to 7.25% over two years. The estimated revenue losses to the state would grow each year, from $1.9 million in the upcoming fiscal year to $26 million by fiscal year 2025.