Nebraska Passes Property Tax Relief Bills

The Nebraska Legislature has passed LB34, a significant property tax relief bill, alongside two additional measures, LB2 and LB3, aimed at reducing property tax burdens. The main bill, LB34, was approved with a 40-3 vote and features an emergency clause for immediate implementation, which includes automatically delivering property tax credits to taxpayers without the need to file an income tax return. Despite the passage, several senators expressed concerns that the reforms are insufficient, with some advocating for more aggressive cuts. Governor Jim Pillen supported the efforts to address the state's property tax crisis and emphasized the importance of collaboration among lawmakers. The legislative session is expected to continue discussions on property tax relief ahead of the regular session starting in January 2025. Overall, the reforms are projected to provide a total of $185 million in additional relief through budget cuts and cash transfers.