A bill was introduced in the Nebraska Unicameral that would end the Nebraska inheritance tax. The tax is paid to counties by people who inherit property from deceased friends and relatives. Nebraska is currently one of only eight states to have such a tax. The proposal comes amid Forbes Magazine naming Nebraska as one of the states “where not to die.”
Proponents of LB 970, including Governor Heineman, argue that the tax is causing Nebraskans to move out of the state to avoid being subject to the tax. Opponents, mainly counties who rely on the money, counter that property taxes will have to be raised to offset the lost revenue. Douglas County alone collects between $7 million and $9 million from the tax annually. Expect a contested battle over LB 970 as efforts to reduce the inheritance tax have failed in previous legislative sessions.
© 2012 Parsonage Vandenack Williams LLC
For more information, contact email@example.com