Panel advances Nebraska property tax credit bill

Lincoln, NE (AP) - A proposal to increase funding for Nebraska's property tax credit program has advanced out of a legislative committee.

The Appropriations Committee voted 5-0 on Friday on a bill that would pull an additional $25 million each year out of the state's general fund.

The fund was created in 2007 to offer property tax relief in Nebraska. It's expected to receive $113 million from the state's general fund this year. The amount contributed has stayed flat over the last few years while statewide property values have increased.

The bill's sponsor, Sen. Al Davis of Hyannis, told committee members this month that the yearly transfer strikes a balance between property tax relief and allowing the state to pay its bills.

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The bill is LB1094

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