Mm I III S
proposed
A bill to raise Nebraska's
state income tax" rates met no
opposition Monday at a public
hearing sponsored by the
Legislature's Revenue
Committee.
The committee took no
action on LB589, which would
retroactively increase the tax
rate from the present 10 per
cent to the 1970 figure of 13
per cent of the federal liability.
The bill, which was
requested by Gov. J. James
Exon, also would
automatically hike the
corporate income tax from 2.5
per cent to 3.25 per cent.
State Tax Commissioner Bill
Peters told the committee the
13 per cent tax rate is the
minimum needed to cover the
governor's proposed general
fund budget of $340 million.
He said the increase would
generate an additional $2
million for the 1975 fiscal year
and an additional $48 million
for the 1976 fiscal year
beginning July 1.
The increase was based on
all tax programs growing an
overall 11.8 per cent, he said.
"I suppose right now we're
not confident these projections
will hold up," he said. "But
right now we don't have any
better figure."
Peters called the 11.8 per
cent a "liberal" projection.
"These figures are based on
revenue in the next fiscal year
being better than this year and
on the hope that the economy
will be better in the later part
of the calender year 1975," he
said.
He said further
deterioration of the economy,
a failure of the economy to
stabilize at the end of this year
and a budget exceeding the
proposed $340 million may
cause the State Board of
Equalization to hike rates again
next November for the 1976
calendar year.
If that happens, he said, an
increase in the 2.5 per cent
sales tax may bs needed
because Nebraska statutes
require sales and income rates
to be set so their revenue yields
almost equal amounts.
Peters said if LB589 is
passed by the Legislature, the
state hopes to have its
withholding rate increased by
July 1.
Correction...
In Friday's Daily
Nebraskan, it was stated that
Charles Rosvold encountered
difficulties early in his ASUN
presidential campaign because
the electoral commission
rejected one of his campaign
posters. The ASUN executives
are responsible for approving
posters, not the electoral
conmission, according to Gary
Hall, electoral commissioner.
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City Campus
Lincoln, m. bbbOd
Wednesday, march 19, 1975
daily nebraskan
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