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Senate adopts amended inheritance-tax reform; lawmakers debate pay‑fors and county impacts
Summary
Senators adopted a scaled-back amendment to LB 468 that reduces inheritance-tax rates and raises exemptions for some beneficiaries, while lengthy debate flagged concerns about the proposed replacement revenues and effects on counties, renewable energy taxation and the state general fund.
The Nebraska Legislature adopted a scaled-back amendment to LB 468 on a floor vote, reducing some inheritance-tax rates and raising exemptions for certain beneficiaries while rejecting efforts to recommit the bill for more study.
AM 14-47 narrowed the original proposal and changed several pay-for provisions. Under the adopted amendment, the child (class 1) exemption was raised to $150,000 at a 1 percent rate; class 2 (more remote relatives such as nieces and nephews) and class 3 (nonrelatives) saw larger exemptions and lower rates than current law in some categories. Sponsor Senator Clements said the amendment reduces the inheritance tax take by about 24 percent statewide while replacing $22.3 million of county revenue through a mix of fee…
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