On the heels of one of the longest hearings in Nebraska Legislative history, over nine hours, it was another long day Thursday.
Wednesday's LB 405 proposed sweeping tax reform including eliminating the state's income tax. LB 406 does not cut that tax but does provide two billion dollars less in tax exemptions which is a little easier for some businesses to take but there is still plenty of opposition.
Senator Beau McCoy said, "The time to act is now."
"The State Chamber Executive Council requests that LB 405 and 406 be killed by the committee," John Cederberg said.
LB 406 would eliminate the corporate income tax and reduce the taxes on Social Security and other retirement income but would not eliminate it entirely as LB 405 would.
"It's bad for manufacturing, it's bad for agriculture," Renee Fry said.
Renee Fry of Open Sky Policy, a non-profit, non partisan tax research group says the bills would hurt businesses in Nebraska.
"It's bad for the middle class which is more likely to pay more taxes under this," commented Fry.
Along those lines NU COR of Norfolk and Duncan Aviation of Lincoln said they would leave the state if either bill is passed. Tyson Foods Executive Noel White testifies quote.
"These bills (LB405 and LB 406) will significantly add to our plant's operational costs, which would have a negative impact on our workforce and out supply chain."
"We can talk about smaller reform that could help our economy, but it won't do as much for the individual Nebraskan," Nebraska state senator Beau McCoy said.
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