Nebraska Senator proposes replacing complex inheritance tax with a flat 1% rate, faces mixed reactions.

Nebraska Senator Rob Clements proposes a flat 1% inheritance tax to replace the current system, which taxes distant relatives and non-relatives at higher rates. The new bill (LB468) includes $100,000 exemption and aims to balance the tax system, addressing concerns about fairness. To offset the expected $33.8 million loss in revenue, the bill suggests increasing fees and taxes on renewable energy producers. The proposal has received mixed reactions, with some counties supporting it while others fear increased property taxes and budget cuts.

6 weeks ago
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