Gov. Ricketts: Forecast Allows for Additional Tax Relief
Today, Governor Pete Ricketts issued a statement reacting to the Nebraska Economic Forecasting Advisory Board’s report showing that state revenue is on target to grow above the certified forecast for this fiscal year.
The board estimates that tax receipts for FY2014-2015 will exceed the February revised forecast by $12 million. The board also slightly revised its forecast upwards for FY2016 by $17 million and downwards for FY2017 by $7 million for a revised forecast of $10 million in additional revenue for the biennium. The board forecasts nearly 4.7 percent annual growth in state revenues in the next biennium.
“Today’s forecast shows that property tax relief is well within reach for hard-working Nebraskans. If we constrain state spending and live within our means, tax relief will become a reality this year,” said Governor Pete Ricketts. “I encourage the Appropriations Committee and the full Legislature to put the increase for the biennium towards additional tax relief for Nebraska’s families.”