Gov. Ricketts: Forecast Shows Property Tax Relief Ahead
Lincoln – 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 certified forecast by $62.5. million. This represents an increase of $1 million from the board’s October revision. The board also slightly revised its forecast downwards by $5 million for each year of the next biennium. The board forecasts, however, nearly 5 percent annual growth in state revenues in the next biennium.
“Today’s report shows that this year the Legislature can and should provide meaningful property tax relief that Nebraskans need and deserve,” said Governor Pete Ricketts. “I plan to continue to work closely with the Appropriations Committee to provide $400 million in direct tax relief through the Property Tax Credit Relief fund over the next two years and hold state government spending to about 3 percent so we can work towards additional long-term tax relief.”