Nebraska’s latest unemployment rate of 1.9% represented an all-time low for the second straight month, and that April level remains tied for the lowest reached by any state in history.
Lawmakers allocated more than a billion dollars in federal pandemic relief this session and made adjustments to the state’s two-year budget.
Among the proposals advanced by the Revenue Committee this session is a package of bills that cuts individual and corporate income tax rates, speeds up the phaseout of state taxation of Social Security income, and expands a program intended to offset property taxes used to fund education.
Look up election results for your county!
See vote totals on all statewide and contested races. Vote totals are unofficial final results.
The Federal Accounting Standards Advisory Board (FASAB) is looking for feedback on an exposure draft of a proposed set of technical clarifications and amendments on lease accounting for the federal government. The FASAB is asking for comments on the exposure draft by July 8, 2022, while encouraging commenters to provide the reasons for their positions.
The service decided to destroy the documents in March 2021 because of its inability to process its backlog of paper tax returns, according to a new report.
The U.S. Supreme Court on Monday rejected a bid by four Democratic-leaning states to lift a cap on federal deductions for state and local taxes put in place as part of a 2017 tax overhaul under Republican former President Donald Trump. The justices turned away an appeal by New York, Connecticut, Maryland and New Jersey after a lower court threw out their lawsuit. The lower court held that the U.S. Congress had broad authority over taxes and did not violate the U.S. Constitution by placing a $10,000 limit on the amount of state and local taxes that individuals may deduct on federal income tax returns. Democratic President Joe Biden's administration opposed the four states. The Manhattan-based 2nd U.S. Circuit Court of Appeals last year rejected the states' arguments, ruling that they did not show that their injuries were significant enough to give rise to a constitutional violation.
One of the Federal Reserve’s earliest advocates for aggressive rate increases won’t rule out a truly supersize rise, though he doesn’t expect one is needed. When it comes to the size of a rate increase, one greater than 50 basis points “is not my base case,” Federal Reserve Bank of St. Louis President James Bullard said Monday, although he noted that the Fed has increased rates by more, and that he wouldn't rule out a 75 basis point increase. Mr. Bullard said inflation is “far too high for comfort, and so we have to move to get inflation under control,” adding “not all hope is lost here. I think we’re in a position where we can maintain credibility and get inflation lower.” He also expressed confidence that the U.S. economy will grow at an above trend rate this year and that Fed rate increases shouldn’t hurt the jobs market.
Governor Pete Ricketts issued a statement following news that the National Bureau of Economic Research (NBER) has graded Nebraska’s pandemic response as an A+. Nebraska ranked second nationally on the evaluation, which the Wall Street Journal’s Editorial Board featured on April 10th.
The second session of the 107th Legislature adjourned sine die April 20.
The 60-day Nebraska Legislative Session ends Wednesday, April 20, with a speech from Governor Ricketts and a farewell to departing state senators.
Nebraska comes in at No. 1 most likely to survive the next recession, thanks to a diverse business economy.
The AICPA is making multiple changes to the CPA Exam to reduce exam construction complexity, improve CPA Exam software performance, and provide greater flexibility in future delivery, all while maintaining a rigorous exam. Rather than implement these changes now and delay score releases, the AICPA will make these changes concurrently with the launch of the CPA Evolution-aligned CPA Exam in January 2024, taking advantage of score delays that will occur with the launch of the new exam.
In December 2021, the STEM Education in Accounting Act, S. 3398, was introduced in the Senate. The legislation would help bolster the argument that accounting is a STEM field by allowing STEM K-12 grant funding to be used for accounting awareness and education.
Nebraska Tax Commissioner Tony Fulton reports that gross General Fund receipts for March were $669 million, which is 7.4% above the forecast of $623 million.
Recently enacted state legislation contains several tax-related measures, including phasing in some Nebraska corporate income tax rate reductions over the next five years from the current 7.5% top tax rate to an ultimate 5.84% top tax rate.
Filing deadline for the 2021 Nebraska income tax return and the 2022 Nebraska first quarter estimated payment is April 18, 2022, for most taxpayers. Under Nebraska law, the Nebraska income tax return is due the same day as the federal income tax return. Because Emancipation Day is observed in the District of Columbia on April 15, 2022, the due date for the federal and Nebraska income tax return is April 18, 2022, for most taxpayers. For those taxpayers who make Nebraska estimated income tax payments, the due date for the first quarter of 2022 Nebraska estimated income tax payment is due April 18, 2022.
Governor Pete Ricketts hosted a bill signing on April 13 for LB 873 in the State Capitol Rotunda. LB 873 delivers record amounts of tax relief to Nebraskans by cutting income taxes and reducing property tax burdens. The Governor was joined at the ceremony by State Senators, agricultural groups, business leaders, senior citizen advocates, and other tax relief supporters.
Lawmakers approved a measure April 13 that modifies Nebraska’s main business tax incentive program.