LINCOLN, Neb. (AP) _ A Nebraska lawmaker has introduced a massive property tax credit bill as part of his promise to try to force action on agricultural property taxes that have soared in recent years.
Sen. Steve Erdman of Bayard proposed the measure Thursday and is preparing to launch a ballot initiative if lawmakers don’t pass something this year.
The proposal dubbed the “Property Tax Relief Act” seeks to lower property taxes using income tax revenue. Starting in January 2019, taxpayers would receive a refundable income tax credit equal to half of the school district taxes levied on their property. It’s not yet clear how much the legislation would cost.
The plan is likely to face opposition from business groups that want to lower income taxes.