Whose ox gets gored?
The state budget faces a $175M – $200M shortfall in the second half of the biennial budget (7/1/18 – 6/30/19). What’s worse, annual tax revenues are projected to remain in the dumper as Ag producers took a beating again this year.
This Governor, and a majority of senators are good old fashioned (not the cocktail) fiscal conservatives. While they may be accused of smoke and mirrors budgeting, be assured, taxes will not increase.
This is the point at which the oxen are summoned for budget cuts. Each state department established their two-year budget in 2017. The Governor and the Legislature gave them an amen, with the understanding that less revenue in the out biennium means less spending cashola.
LB 945, introduced on behalf of the Governor, outlines how he intends to humanely sever funds from the herd. Yes, there will be even more cattle calls and cuts.
Tax reform is the bull ox in the room. Will Nebraskans finally see “meaningful” tax reductions on property (LB 829), on income (LB 961 & LB 962), on both, or neither? The Governor’s preference (LB 947) is to provide a little relief for both property and income taxpayers. Hey, close the gate. The oxen are nervous.
What’s Up?
Taxes and Workers Comp issues make up the majority of bills on your tracking sheet.
Committees begin hearings on newly introduced bills on Tuesday afternoon
The last day of bill introductions is January 18. 333 bills have been introduced during the first seven days.
