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Bill to reinstate $10,000 de minimis exemption for business equipment draws business and county interest
Summary
Sen. Tony Sorrentino introduced LB200 to restore a $10,000 de minimis exemption on tangible personal property assessed as part of Nebraska business property taxes.
Senator Tony Sorrentino introduced Legislative Bill 200 to reinstate a $10,000 de minimis exemption for tangible personal property — the business equipment and machinery businesses must currently report and tax — during a Revenue Committee hearing.
Sorrentino said the tax on tangible personal property (TPP) imposes compliance costs and can discourage investment; he described the reinstatement of the $10,000 exemption, which was repealed in 2020, as a way to reduce administrative burden on small businesses and improve Nebraska’s competitiveness.
Why it matters: Testimony described the tax as administratively burdensome and disproportionately affecting small businesses and farmers. Supporters said a modest de minimis would remove many small businesses from the TPP tax rolls…
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