Social security taxation discussed in legislature

Governor Ricketts signed the budget bills this past week with no line-item vetoes. He praised the Legislature for passing a budget that limited spending growth and placed an emphasis on increased funding for property tax relief measures.

The Legislature gave first-round approval to LB 64, which addresses the taxation of social security benefits. LB 64 was introduced by Omaha Senator Brett Lindstrom and prioritized by Seward Senator Mark Kolterman. Only 13 states tax social security benefits.

Currently, the social security benefits of individuals with incomes less than $43,000, and couples with...