Gov. Dave Heineman today was joined by Steve Nelson, President of Nebraska Farm Bureau and Michael Kelsey, Executive Director of Nebraska Cattlemen to call for repeal of the Nebraska Inheritance Tax.
"Nebraska is one of only eight states that has an inheritance tax and we need to change that," said Gov. Dave Heineman. "Four years ago we eliminated the state's estate tax and this is the final element of eliminating Nebraska's Death tax."
In his State of the State address, Governor Heineman outlined his tax relief proposal that includes the repeal of the inheritance tax. "Farming and ranching is a capital intensive business which can show very high values on paper, but often times has slim operating margins," said Nebraska Farm Bureau President, Steve Nelson. "So the inheritance tax makes it difficult for farmers and ranchers to pass their operations on to the next generation."
"It is so important today to make sure that Nebraska has a positive business environment to insure that the next generation of Nebraska's beef farmers and ranchers can begin their life of food production with positive momentum rather than shackled by a government tax," said Executive Director of Nebraska Cattlemen, Michael Kelsey.
Additionally, Gov. Heineman's proposal lowers income tax rates and expands the tax brackets for Nebraska's middle class taxpayers and reduces the corporate income tax rate to help small businesses grow. Tax relief for Nebraska's is the primary focus of Gov. Heineman's 2012 Legislative agenda.