Governor Jim Pillen signs two bills into law on Wednesday

Local4 TODAY
Published: May. 31, 2023 at 2:06 PM CDT
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LINCOLN, Neb. (KSNB) - Wednesday morning, Governor Jim Pillen signed LB243 and LB754 into law.

LB754 passed on May 25 on a vote of 39-2. The new law includes a reduction of individual and business income tax rates to 3.99 percent by tax year 2027, an acceleration of a tax exemption for Social Security benefits, and tax credits related to childcare.

LB243 passed on May 25 on a vote of 44-0 and increases the amount of relief granted under the Property Tax Credit Act and establishes a cap of 3 percent annually on how much school districts can increase property tax requests – with some exceptions.

”They’re gonna put more dollars back into the hands of everyday Nebraskans, and that’s good for Nebraska, that’s good for families and it’s going to help grow our state,” Senator Tom Briese said. “Truly this has been a team effort. I look out in the crowd I see many members of the team, behind me are all members of the team, my colleagues are all members of that team. It has been a team effort.”

The laws went into effect immediately after Pillen signed the documents.