September 26: Sens. Smith & Friesen Discuss Personal Property Tax Reform
New Platte Institute Report Shows Steps for Ending Tax on Business Equipment
WHAT: Nebraska state Sens. Jim Smith, and Curt Friesen, Chairman and Vice-Chairman of the Legislature's Revenue Committee, will join the Tax Foundation's Scott Drenkard and Platte Institute CEO Jim Vokal for a discussion on reforming Nebraska's Personal Property Tax, a property tax assessed on business equipment. The panel coincides with the release of a new Platte Institute report on Personal Property Tax reform.
WHEN & WHERE: Tuesday, September 26, 2017 from 10:30-11:15 a.m. at the Platte Institute Legislative Summit at Embassy Suites Lincoln (1040 P Street, 68508), Regents Ballroom DEF.
WHY: The Tax Foundation reports that personal property taxes are among the most economically destructive taxes because they impact investment in tools and equipment that are needed to produce economic growth and productivity. With Nebraska's recent first quarter ranking of the lowest economic growth in the country due to the downturn in agriculture, making personal property tax reform a priority in Nebraska would make a valuable difference in returning the state to growth.
DETAILS: Members of the media are welcome to attend. A PDF copy of the Platte Institute's new report "This Time, It's Personal, Nebraska's Personal Property Tax," is attached.
Highlights of the new report:
• The personal property tax in Nebraska makes up 5.6 percent, or $217.1 million, of the total
property taxes collected statewide.
• Rural Nebraskans pay the most on a per person basis at $211.87.
• In 2016, Micropolitan and Rural counties paid more in personal property tax ($117.5) than Metropolitan counties ($99.6 million).
• Rural counties have the lowest average personal income, yet pay the most personal property tax per capita.
• Stanton County residents paid the most statewide in 2016, amounting to $537.53 per person.
• Sarpy County residents paid the least statewide in 2016, at $47.08 per person.
Information for each county is available in the appendix of the attached report.
For more information, please contact Adam Weinberg at (402) 500-0209 or at firstname.lastname@example.org.
The Platte Institute advances policies that remove barriers to growth and opportunity in Nebraska.