Editor’s Note: The following is an update to the Nebraska Property Tax Incentive Act story that was printed in last week’s West Point News. Shortly after the paper went to press, a change in how the income credit is calculated was presented to the legislature.
The legislature’s Revenue Committee heard testimony last Wednesday, Feb. 17, on a bill that would change the way that a refundable income tax credit is calculated under the Nebraska Property Tax Incentive Act.
The credit, created last year under LB1107, is calculated by multiplying the amount an eligible taxpayer paid in property taxes to their school district during the taxable year by a percentage set by the state Department of Revenue.
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