Lincoln, Neb (KGFW) - In the midst of an unprecedented budget shortfall here in Nebraska comes another initiative in the legislature. LB461 features one of the most comprehensive income tax cuts in the state's history and will be debated on the floor of the legislature this Friday.
Yesterday the Platte Institute which is an independent organization to help grow Nebraska, held a conference call about the analysis they provided on LB461.
The bill is facing pretty stiff opposition in the legislature, some who argue cutting taxes while facing a nearly $900million revenue shortfall is too much for the legislature to handle. And while LB461 will not effect the general fund, and therefore the shortfall, the legislature wants to handle the issues at hand.
You can see the Platte institute analysis in two documents: