Gov. Pete Ricketts recently signed LB64, which is a bill that will begin to eliminate state income taxes on Social Security benefits. Nebraska is just one of 13 states that currently tax Social Security benefits.
According to a study by AARP, Nebraskans age 50 and older account for 56 cents of every dollar in consumer spending in the state and generate an annual economic benefit of $50 billion. This tax reduction will be an economic driver for the state. Allowing older Nebraskans to keep a little more of their hard-earned benefits will mean they are better able to pay for things like the growing cost of prescription drugs, food and utility bills.
Thank you to Sen. Brett Lindstrom of Omaha for introducing LB64, to Sen. Mark Kolterman of Seward for prioritizing the bill, and Sen. Lou Ann Linehan of Elkhorn for her work as chair of the Revenue Committee. This is an important victory for Nebraska’s Social Security beneficiaries.
David Holmquist, Omaha