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Nebraska bill to adjust SSI brackets for inflation advances | KRVN Radio

Nebraska bill to adjust SSI brackets for inflation advances

LINCOLN, Neb. (AP) _ Nebraska lawmakers have advanced a bill to ensure that the state’s tax on Social Security Income changes to compensate for inflation.

Senators gave the measure first-round approval Tuesday on a 36-0 vote. Two additional votes are required before it goes to Gov. Pete Ricketts.

The bill seeks to address cost-of-living benefit increases that can bump taxpayers into a higher bracket, where they end up paying more. The bill would compensate by automatically adjusting the state’s tax brackets for Social Security income.

The bill by Sen. Brett Lindstrom of Omaha wouldn’t go into effect until 2020. It would cost an estimated $1.3 million by fiscal year 2021.

Lawmakers passed a similar law for individual income taxes in 2014.

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