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Ricketts Signs Tax Cut Legislation

The Measure seeks to gradually phase out taxes on social security.
iStockphoto.com
The Measure seeks to gradually phase out taxes on social security.

Nebraska Gov. Pete Ricketts signed off on a $900 million property and income tax cut package Wednesday. The measure will reduce the top individual and corporate income tax rates to 5.84% by 2027. It will also speed up the state's plan to phase out taxes on Social Security income and create a refundable tax credit to reimburse property owners for some of the taxes they pay to community colleges. Some senators raised concerns about how the tax cuts will affect the state budget in future years, but lawmakers ultimately passed the package over those objections.