Lawmakers Look To Reduce Property Taxes For Business’s And Farmers

LINCOLN- State lawmakers say they’re looking to reduce or repeal a tax on business and farm property in next year’s legislative session.

Sens. Jim Smith and Curt Friesen expressed interest in the idea Tuesday at a forum sponsored by the Platte Institute, a think tank that advocates for lower taxes and fewer regulations. The personal property tax generates revenue for local governments by taxing tangible property owned by businesses such as computers and mechanical equipment. Farmers pay the tax when they upgrade farm machinery.

Smith says the tax could benefit rural and urban Nebraska and help unite lawmakers who have been at odds over tax policy.