I am proud that the bill that I testified on before the Nebraska State Revenue Committee was passed into law and was signed by Gov. Heineman. I was honored to be asked to be in attendance at the signing ceremony. Here are the press releases from the State Chamber Office and the Governors Office.
State Chamber Release April 9, 2008
Nebraska Gov. Dave Heineman signed into law a bill to provide corporate tax relief to Nebraska businesses. State Chamber President Barry Kennedy participated in today’s signing ceremony at the State Capitol. Also attending were State Chamber Treasurer John Cederberg of Lincoln and Small Business Council Chairman Larry Kopsa of York.
Approved by state senators two days earlier, LB888 adjusts the state’s corporate tax brackets for the first time in 26 years. Nebraska’s corporate tax is comprised of two brackets: 5.58 percent and 7.81 percent. Under the new law, businesses would have to earn $100,000 before they could be taxed at the higher corporate rate, instead of the current threshold of $50,000 – making the new adjustment especially beneficial for small businesses. Small corporations comprise about 95 percent of all the state’s businesses. LB888 was one of this year’s priority bills for the State Chamber. The bill was introduced by Senators Carroll Burling of Kenesaw, Tim Gay of Papillion and Pete Pirsch of Omaha, and prioritized by Senator Scott Lautenbaugh of Omaha. The law is operative for tax years beginning on or after January 1, 2008.
Governors Office April 9, 2008
'Gov. Heineman Signs Tax Relief for Nebraska Businesses into Law'
(Governor's release) -- Gov. Dave Heineman today signed LB888 into law. The bill lowers taxes for Nebraska businesses and is the first adjustment to the state’s corporate tax brackets since 1982. The bill provides tax relief that is aimed at small businesses by extending the lower tax bracket for corporate income tax filers. “This law will have a positive impact on our ability to attract new businesses to our state and keep our existing businesses growing,” Gov. Heineman said. LB888 was introduced by Sens. Carroll Burling of Kenesaw, Tim Gay of Papillion, Pete Pirsch of Omaha, and was prioritized by Sen. Scott Lautenbaugh of Omaha. Nebraska Tax Commissioner Doug Ewald said, “While all businesses that file as corporations will benefit from this law, our 1,200 small businesses will experience the greatest positive impact.” The Tax Foundation reports that of the surrounding states with a corporate income tax, only Iowa had a higher corporate tax than Nebraska. Nebraska had the second highest rate and the 17th highest rate nationally. Barry Kennedy, president of the Nebraska Chamber of Commerce & Industry, said, “LB888 is a sensible and fiscally-sound fix. With the enactment of this important legislation, state senators and the Governor have significantly improved Nebraska’s tax policy and business climate. LB888 provides Nebraska’s small businesses their own economic stimulus package –- one which will boost business investment, create new jobs and keep the state’s economy on track for long-term growth.” The Legislature passed LB888 on Monday 48 to 0.
State Chamber Release April 9, 2008
Nebraska Gov. Dave Heineman signed into law a bill to provide corporate tax relief to Nebraska businesses. State Chamber President Barry Kennedy participated in today’s signing ceremony at the State Capitol. Also attending were State Chamber Treasurer John Cederberg of Lincoln and Small Business Council Chairman Larry Kopsa of York.
Approved by state senators two days earlier, LB888 adjusts the state’s corporate tax brackets for the first time in 26 years. Nebraska’s corporate tax is comprised of two brackets: 5.58 percent and 7.81 percent. Under the new law, businesses would have to earn $100,000 before they could be taxed at the higher corporate rate, instead of the current threshold of $50,000 – making the new adjustment especially beneficial for small businesses. Small corporations comprise about 95 percent of all the state’s businesses. LB888 was one of this year’s priority bills for the State Chamber. The bill was introduced by Senators Carroll Burling of Kenesaw, Tim Gay of Papillion and Pete Pirsch of Omaha, and prioritized by Senator Scott Lautenbaugh of Omaha. The law is operative for tax years beginning on or after January 1, 2008.
Governors Office April 9, 2008
'Gov. Heineman Signs Tax Relief for Nebraska Businesses into Law'
(Governor's release) -- Gov. Dave Heineman today signed LB888 into law. The bill lowers taxes for Nebraska businesses and is the first adjustment to the state’s corporate tax brackets since 1982. The bill provides tax relief that is aimed at small businesses by extending the lower tax bracket for corporate income tax filers. “This law will have a positive impact on our ability to attract new businesses to our state and keep our existing businesses growing,” Gov. Heineman said. LB888 was introduced by Sens. Carroll Burling of Kenesaw, Tim Gay of Papillion, Pete Pirsch of Omaha, and was prioritized by Sen. Scott Lautenbaugh of Omaha. Nebraska Tax Commissioner Doug Ewald said, “While all businesses that file as corporations will benefit from this law, our 1,200 small businesses will experience the greatest positive impact.” The Tax Foundation reports that of the surrounding states with a corporate income tax, only Iowa had a higher corporate tax than Nebraska. Nebraska had the second highest rate and the 17th highest rate nationally. Barry Kennedy, president of the Nebraska Chamber of Commerce & Industry, said, “LB888 is a sensible and fiscally-sound fix. With the enactment of this important legislation, state senators and the Governor have significantly improved Nebraska’s tax policy and business climate. LB888 provides Nebraska’s small businesses their own economic stimulus package –- one which will boost business investment, create new jobs and keep the state’s economy on track for long-term growth.” The Legislature passed LB888 on Monday 48 to 0.
