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Senators eye repeal of Nebraska’s personal property tax | KRVN Radio

Senators eye repeal of Nebraska’s personal property tax

Senators eye repeal of Nebraska’s personal property tax

LINCOLN, Neb. (AP) _ Nebraska lawmakers say they’re looking to reduce or repeal a tax on business and farm property in next year’s legislative session.

Sens. Jim Smith of Papillion and Curt Friesen of Henderson expressed interest in the idea Tuesday at a forum sponsored by the Platte Institute, a think tank that advocates for lower taxes and fewer regulations.

The personal property tax generates revenue for local governments by taxing tangible property owned by businesses such as computers and mechanical equipment. Farmers pay the tax when they upgrade farm machinery.

Smith says the tax could benefit rural and urban Nebraska and help unite lawmakers who have been at odds over tax policy.

Legislation to repeal the tax could still face opposition from advocates who say it would shift the tax burden onto homeowners.

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