A state senator pushing Governor Heineman's tax proposal says he's reviewing a counter proposal that has been floating by some business groups
A state senator pushing Governor Heineman's tax proposal says he's reviewing a counter proposal that has been floating by some business groups.
The alternative would retain the sales tax exemption for agriculture and business inputs...and, instead of ending the state income tax, would lower both the individual and corporate income tax rate to three percent. The counter proposal also would impose sales taxes on some services, enough to raise a billion dollars in state revenue annually.
Senator Beau McCoy of Omaha says he's willing to listen. . .
Sen. Beau McCoy, Omaha; "off the table"
Both agriculture and business representatives told the legislature's Revenue Committee that removing the sales tax exemption on inputs would make Nebraska products less competitive with those from other states.
A tax proposal being floated by business interest groups has the attention of an important senator at the Capitol.
An alternative proposal would retain sales tax exemptions for agirculture and business inputs...impose sales taxes on some services...and reduce the state income tax for both individuals and corporations to three percent.
Senator Beau McCoy of Omaha, who is co-sponsoring the governor's tax proposals, likes what he hears so far. . .
McCoy; "in our state"
The proposal also calls for the creation of a working group with the Revenue Committee to review proposed solutions.
The committee held two days of public hearings on the tax proposals, with testimony opposed to the two initial plans far outweighing testimony against them.
A senator co-sponsoring the governor's tax proposals says he's intrigued by a counter-proposal being floated by some business groups.
The counter-proposal has endorsed a proposal that would retain sales tax exemptions on agricultural and business inputs. It would impose the sales tax on some services and, instead of eliminating the state income tax, it would lower it to three percent for both individuals and corporations.
Senator Beau McCoy of Omaha says he will take a serious look at the counter-proposal which also has the attention of the Omaha Chamber of Commerce. . .
McCoy; "as a state"
The legislature's Revenue Committee heard two days of testimony on two proposals put forth by the governor. Opponents far outnumber supporters of the bills.
(courtesy of Nebraska Radio Network)