Lawmakers Pass Social Security Tax Exemption
Nebraskans receiving Social Security income will pay less in taxes on that income each year until it’s fully exempt in 2030, under a bill that won final approval from lawmakers on Thursday.
Lawmakers passed the gradual tax phase-out, Legislative Bill 64, on a 41-0 vote. Gov. Pete Ricketts was expected to sign it.
The bill by Sen. Brett Lindstrom of Omaha would reduce the taxes paid on Social Security income by 5% this year, 20% next year and 30% in 2023. The exemption would continue to grow until it hits 100% in 2030.
Supporters argued that the bill would help ease the tax burden on seniors and make Nebraska attractive compared to neighboring states that don’t tax Social Security, including Iowa.
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