Nebraska Governor Pete Ricketts is calling on lawmakers to pass a property tax overhaul, merge state agencies and approve incremental income tax cuts that would begin in 2020.
The Republican governor said in his third annual State of the State address that he had four budget priorities:
OC……….hurt our economy. ;14
Ricketts also called for a balanced budget, a reduction in government spending and to keep $500 million dollars in cash reserves for future uncertainties.
His speech came in the midst of a projected $900 million budget shortfall.
Ricketts’ plan calls for budget cuts at the University of Nebraska and state agencies, but increases funding for K-12 public schools.
OC…special education fund. ;15
The plan would also lower the state’s top income tax bracket in increments anytime state revenue grows by more than 3.5 percent.
It also would change the way property taxes are calculated, using a landowner’s potential income rather than a land parcel’s market value.
OC……to prepare. :18
Ricketts also called for lighter job-licensing regulations in a variety of professions.