Gov. Ricketts Signs Budget Controlling Spending, Delivering Property Tax Relief
LINCOLN – Today, Governor Pete Ricketts signed the State of Nebraska’s next two-year budget into law. The budget controls state spending and delivers significant property tax relief among other key priorities.
“The budget I have signed controls state spending and significantly increases direct property tax relief for the people of Nebraska,” said Gov. Ricketts. “As the Legislature continues their work, there are additional opportunities to deliver significant tax relief. I look forward to working with Senators to deliver even more relief for the people of Nebraska.”
- Controls State Spending: The budget signed into law by the Governor limits the State’s annual budget growth to 1.7 percent.
- Property Tax Relief: The budget delivers about $1.45 billion in property tax relief over the biennium. This includes $613 million in direct property tax relief through the State’s Property Tax Credit Relief Fund, and over $627 million from the newly enacted LB 1107 refundable property tax credit. The budget also includes $214 million to provide for property tax payments under the current homestead exemption program.
- K-12 School Funding: The budget fully funds the state school aid formula, providing over $1 billion annually in aid to K-12 public schools.
- Educational Opportunities: The budget expands the Career Scholarships program to include private institutions and also includes additional resources for the state’s textbook loan program for K-12 private schools.
- Public Safety: The budget kicks off the process of replacing the decaying Nebraska State Penitentiary with a new, modern correctional facility. This investment will also increase the operational capacity of Nebraska’s corrections system to meet forecasted needs.