NESCPA Legislative Update: Governor Pillen's Tax Package

Thank you to those who attended the Jan. 22nd State Legislation Update with NESCPA Lobbyist Korby Gilbertson. Click here for a list of the bills included in Gov. Pillen’s Tax Package that directly deal with the revenue portion of the package. Below you will find Korby’s narrative on Gov. Pillen’s plan.  

Thank you to Society Chairman Kelly Martinson and State Board Chairman Melissa Ruff for testifying yesterday in support of LB854, which would allow individuals to sit for the CPA exam in Nebraska with a minimum of 120 semester hours or 180 quarter hours of qualifying college credit and a bachelor’s degree. Under current law, candidates may not sit for the exam until 120 days before reaching their 150 hours of college credit.

During the State Legislation Update, attendees also voted to support LB1059 and to seek further modifications to the bill to benefit Nebraska taxpayers. LB1059 would provide technical changes to legislation enacted last year that allows a partnership to pay income tax directly to the state rather than pass through tax liability to its partners. Click here to view the Society Taxation Committee’s memo to Sen. Linehan regarding the further modifications requested.

In addition, attendees voted to oppose LB1308, which would eliminate the sales tax exemption on business-to-business accounting services.

In other news, a business coalition has been formed to oppose the EPIC Consumption Tax ballot initiative. A study by the Tax Foundation is forthcoming. The Nebraska CPA journal offers an excellent article on “The Coming EPIC Disaster: What’s in Store If the EPIC Option Becomes Law,” by McGrath North Law Firm. Read the full article in Issue 5 of your NESCPA magazine or click here to view the article online.

Please feel free to reach out if you have questions or concerns regarding the Society’s legislative efforts!