News Updates

Gov. Jim Pillen's much-amended plan to raise sales taxes to decrease local property taxes went down in flames Thursday, the final day of the 2024 state legislative session. It was a stunning defeat for the idea of raising some taxes to reduce others, and it almost assuredly guarantees that state lawmakers will be back this summer in a special session on taxes.

Gov. Jim Pillen's scaled-back plan to reduce Nebraskans' property taxes failed to clear the final hurdle in the Legislature on Thursday, the final day of this year's legislative session, sinking Pillen's priority legislation and likely ensuring lawmakers will return to Lincoln for a special session yet this year.

CFO salaries are up, and severance and equity packages remain mostly unchanged, according to a new survey from Rho.

Nebraska lawmakers further slimmed down a property tax relief plan sought by Gov. Jim Pillen before advancing it to final reading Wednesday evening. The 28-14 passage of Legislative Bill 388 came after a long debate over the idea of raising some taxes to reduce others, namely property taxes, and whether a portion of the bill was unconstitutional.

Sen. Linehan says replacement revenue is being sought, but she's not certain that LB 388 will return for debate this year.

The top-10 firm is the largest to strike a deal with private equity but isn’t the first. Four other noteworthy deals have been struck in the past two years.

About 940,000 people are among those who have unclaimed refunds, with an average median refund of $932, according to IRS officials. The deadline to claim the refunds is May 17.

Time is winding down as Thursday, March 28, marked Day 52 of the 60-day session.

Debate on Gov. Jim Pillen’s epic and controversial property tax relief plan began Wednesday, March 27, with advocates saying it will result in a net tax savings and opponents saying it's a tax shift that will hurt middle- and low-income families.

It’s been a busy few days for senators. On March 26, they gave final approval to the state’s budget and the Revenue Committee advanced its tax package to the floor. Senators were given a briefing on the tax package the morning of March 27 and debate on the proposal started in the afternoon.

New draft of Pillen property tax plan wasn’t present when committee voted last week, a possible rule violation.

No New Taxes Nebraska, a coalition of more than 40 businesses and organizations, has developed a webpage to provide information on the proposed EPIC tax. EPIC tax is a proposed ballot initiative that would eliminate property and individual and corporate income taxes and implement a proposed statewide consumption tax of 7.5%. However, a recent study found that the plan could require a much higher rate of tax of 20% or more to sustainably fund the state’s government services. Additionally, the initiative will take local budget and spending control away from local political subdivisions and place it into the hands of the Nebraska Legislature.

The Nebraska Legislature's Revenue Committee started shaping two of the six bills Wednesday that leaders say will contain the group's broader tax-relief package. The committee spent much of the morning in an executive session combining tax credits, tax deductions and tax tweak proposals into Legislative Bills 937 and 1023.

The U.S. Justice Department filed an appeal March 11 challenging the district court’s decision that the law, which requires businesses to report beneficial ownership information, is unconstitutional.

The Minnesota Society of Certified Public Accountants (MNCPA) led the charge to broaden and simplify avenues toward CPA licensure, a movement that gained significant traction as Senate File 1660 progressed through the Minnesota Senate on March 7. In a significant move, the State and Local Government and Veterans Committee propelled the bill to the Minnesota Senate Finance Committee through a voice vote. Crafted based on member feedback and MNCPA board support, the bill offers an alternative route to licensure with a bachelor’s degree (120 credits) and two years of work experience, while maintaining the current 150-hour credit rule.

On Thursday, March 14, at 1 pm Central, a variety of state, local, and community groups and businesses will host a press conference in the Capitol Rotunda to launch No New Taxes Nebraska, a coalition formed in opposition to the EPIC proposal. Dozens of businesses and associations are speaking out against this proposal as ballot signatures are collected. If you are interested in having your business or organization listed as a part of this coalition, please email joni@nescpa.org.

IRS Commissioner Danny Werfel said that the effort will begin with compliance letters going out to high-income taxpayers in 125,000 cases where third-party information indicated federal tax returns have not been filed since 2017.

he Appropriations Committee delivered a budget package to the Legislature on Thursday that would hold spending to a 3.1% increase and leave a record amount of state money unspent.

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