Pass-Through Entity Tax Law Would Address Dire Need of Nebraska’s Competitiveness
On January 18th, 2023, Nebraska Governor Jim Pillen announced a package of six priority bills aimed at transforming the state's tax code. While advocating for these bills, Governor Pillen emphasized the urgency of these reforms, stating there is a “dire need” for Nebraska to remain competitive.
According to Tax Practice Chair, Jeff Schaffart, who wrote an opinion piece published in the Nebraska Examiner, one of these bills could be improved by adding a voluntary, retroactive pass-through entity tax law, or PTET law. This law would provide much-needed relief for Nebraska's business owners and would not cost the state any tax revenue.
Schaffart has taken action, submitting draft legislation to state senators and collaborating with the Omaha and State Chambers to have this law added as an amendment to one of the pending tax bills. On February 8th, 2023, he also testified at the Nebraska Unicameral in support of an amendment.
For more information, you can read Schaffart's full commentary here.