Lincoln, NE (AP) - A proposal to lower the taxable value of Nebraska farm and ranch land has stalled in a legislative committee.
The Legislature's Revenue Committee voted 4-4 on Thursday on a bill that would phase in a reduction of taxable ag-land values, from the current 75 percent to 65 percent.
Opponents say they're concerned the bill would place additional financial pressure on rural, K-12 public schools that use the land as a major part of their tax base.
The bill's sponsor, Sen. Beau McCoy of Omaha, says he will attempt to secure additional support. McCoy, a Republican candidate for governor, says he doesn't believe lawmakers have done enough this year to reduce taxes.
The bill is LB670
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