Healthy cash reserve sets up Nebraska tax debate

By: AP
By: AP

Lincoln, NE (AP) - Nebraska's healthy cash reserve has set the stage for a legislative debate over what to do with the excess money.

Three lawmakers argued Tuesday that Nebraska should offer temporary property-tax relief by funneling millions into a state tax-credit fund. Two others urged the Appropriations Committee to use $50 million to keep Nebraska's long-term water supply sustainable.

Some lawmakers argue that reducing the cash reserve by too much could leave the state vulnerable in another economic downturn.

Nebraska's current cash reserve holds $679 million. It's projected to increase to $725 million by July 1.

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The bills are LB669, LB1086 and LB1094

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