LINCOLN — The Nebraska Legislature has scheduled two days of public testimony about the governor’s tax overhaul plan.
A public hearing before the Revenue Committee is set for Feb. 6 on the more sweeping measure.
Legislative Bill 405 would eliminate all Nebraska corporate and individual income taxes, including those levied on retirees, and shift about $2.4 billion of taxes onto items now exempt from the sales tax.
The hearing on the other bill will be Feb. 7, also before the Revenue Committee. LB 406 makes less dramatic changes, eliminating the corporate income tax and reducing income taxes on Social Security, military and other pension income by ending about $395 million worth of sales tax exemptions.
The hearings on both days begin at 1:30 p.m. in Room 1524 of the State Capitol. The hearings could run long. State Sen. Galen Hadley of Kearney, the Revenue Committee chairman, has decided not to impose time limits on testifiers.
The hearing dates, which come relatively early in the legislative session, would allow the committee time to work on the bills.
However, some senators say it will take more than one session to grapple with the ramifications of such a change.
The two tax bills were introduced by Omaha Sens. Beau McCoy and Brad Ashford on behalf of Gov. Dave Heineman.
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