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Governor unveils details of tax reform plan
Governor Dave Heineman held a special press conference Friday morning announcing legislation that would eliminate the individual income tax and the corporate income tax.
Senators Ashford and McCoy will introduce two bills on behalf of the governor. The first would eliminate approximately $2.4 billion in sales tax exemptions resulting in the total elimination of both the individual and corporate income tax. The second bill would eliminate nearly $400 million in sales tax exemption which would eliminate the corporate income tax and exempt the first $12,000 of retirement income for married couples and $6,000 for single individuals. The governor has said that the state exempts more in sales taxes than it collects. Currently, the state exempts $5 billion in sales taxes annually while only collecting $1.5 billion. We'll have much more on the governor's proposed legislation tonight on News 5. |
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