Today, senators will debate a package of budget bills advanced from the Appropriations Committee. Among the Committee's recommendations, LB 905 is a budget bill that will increase the funding for the Property Tax Credit Program by $25 million. The program is presently funded at $115 million per year.
The credit is applied against property taxes due and works to directly reduce property taxes paid by the taxpayer. The amount of each taxpayer's credit is based on the relative value of the taxpayer's property compared to the overall county value base. Farmers and ranchers receive roughly 30% of the overall credit.
Sen. Galen Hadley has filed an amendment to LB 905 to increase the funding recommended by the Appropriations Committee by another $20 million.