Sen. Murman prioritizes property tax credits

This year, I have designated LB 723 as my priority bill for the session. Each senator is allowed one priority bill during each session. This bill was introduced by Senator Tom Briese of Albion, District 41.

LB 1107 from 2020 created the refundable income tax credit, and as Senator Briese has stated, LB 723 intends to protect at least $173 million dollars in property tax relief in 2024 by eliminating the requirement that the available dollars be lowered to $375 million.

Since we’ve seen a growth in state tax receipts, the amount of tax credits available to Nebraska taxpayers should not be restricted. It would not be prudent for us, as collectors of the taxes, to restrict this credit now with tax receipts coming in much higher than expectations and the cash reserve more than fully funded.

Valuations on family homes, businesses and family farms are going up, and the property taxes citizens are forced to pay are also increasing. With inflation and the cost of everything going up, this tax relief is of extreme importance to Nebraska taxpayers. When the state has sufficient funds, excess money needs to be returned to the people.

Senators have been elected for decades promising property tax relief as a top priority. LB 1107 last year finally achieved measurable relief. A broken tax system has continued to get more out of whack as a confusing Nebraska Tax Equity and Educational Opportunities Support Act (TEEOSA) formula dramatically increased taxes; first on farmland over ten years ago, and then to family homes the last two years or so. The result is that now both agriculture and homeowners are overburdened. We should be talking about increasing property tax relief, not just trying to maintain the relief that has finally been achieved.

I welcome any comments, questions or ideas you may have on this or any other issue. Please feel free to email me at dmurman@leg.ne.gov or call my office at 402-471-2732.