The Summerland Advocate-Messenger - Reliable, Trustworthy Reporting, Capturing The Heartbeat Of Our Community

The Nebraska Economic Forecasting Advisory Board met last week and revised the current forecast upwards. The board projected an increase of $204 million for fiscal year 2020-21, $165 million for fiscal year 2021-22 and $93 million for fiscal year 2022-23, for a total increase of $462 million. The three-year average growth rate increased from 2.9% to 3.4%.

Under LB 1107, the property tax relief bill passed last year, property taxpayers are eligible for a refundable income tax credit based on the amount of real property taxes paid to schools during the prior year. The credit was funded at $125 m...