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Nebraska senators debate LB468 inheritance‑tax overhaul, reject two repeal amendments
Summary
On day 70 of the Legislature, senators spent most of floor time debating LB468, a revenue package that lowers inheritance tax rates and reallocates revenues to counties. Two floor amendments to fully eliminate the tax (a 10‑year phase‑out and immediate repeal with a local sales option) failed; senators remained divided over replacement revenues and the impact on property taxes.
Senators spent the bulk of the morning floor session debating LB468, the revenue and taxation bill sponsored by Senator Clements that would reduce statewide inheritance tax rates while shifting and reallocating multiple revenue sources to hold counties harmless.
Senator Clements told colleagues the committee amendment (AM874) revises how inheritance tax revenue is replaced for counties and described a handout showing estimated county allocations. "I've been working with people regarding some of the objections," Clements said, adding that the amendment is not perfect but that staff researched replacement options with the Department of Revenue.
Why it matters: opponents warned that reducing or eliminating the inheritance tax without credible replacement revenue would force counties to raise property taxes or cut services. Senator Raybould, who circulated a county‑by‑county handout, said the inheritance tax is used for roads, bridges…
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