STATE SENATORS MULLING REPEAL OF PERSONAL PROPERTY TAX

Senators Jim Smith and Curt Friesen both expressed interest this past Tuesday in doing away with Nebraska’s personal property tax. The personal property tax is imposed on business property (computers, equipment, furniture, etc.) and accounted for $217 million or 5.6% of all property tax collected last year. Senator Smith said this could be a uniting idea for urban and rural constituencies. The agricultural community has often advocated tax cuts for agricultural property while business groups have tried to advance income tax cuts. Smith believes that this could be something both parties would be able to get behind.