Created: Thu, 27 Mar 2014 10:55:00 CST
Updated: Thu, 27 Mar 2014 11:46:20 CST
Despite our low cost of living, Nebraska has repeatedly been named one of the worst states for retirement. But today the legislature may have made a little bit of an improvement. With a 44 to 0 vote, the unicameral passed a bill that indexes income tax brackets and expands Social Security income exemptions.
The Revenue Committee's bill exempts social security benefits and military retirements benefits from state income taxation. Also under LB 987, state income tax brackets would be indexed annually by the state tax commissioner. The Governor will now have to give his approval on the bill.