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| Sen. Tom Carlson-District 38 |
The Legislature is in the midst of the session count down on this 43rd working day. The budget bills were presented this week and many of the personal and speaker priority bills are waiting for debate.
The two year state budget is passed every other year during the long 90-day session. It is updated during the following 60-day session to incorporate changes in the economy and other circumstances unknown the previous year. The $7.8 billion two year budget will cover the period ending June 30, 2015.
We gave first round approval to the budget, which includes increased property tax credits. More money is allocated for water projects, parks maintenance, job training, early childhood education, and additional services for people with developmental disabilities.
One of my main objectives this session was to obtain more state funds for water projects. To that end, I introduced LB 1047 in front of the Appropriations Committee. I am pleased to report that water related funding is one of the largest amounts included in this year’s amended budget package.
LB 1047 created the Water Sustainability Fund in the Dept of Natural Resources. An appropriation of $21 million of General Funds would be transferred to the Fund for fiscal year 2014-15. An additional $11 million would be transferred to the fund in each fiscal year, beginning 2015-16.
LB 1098, my priority bill, would establish the new Natural Resources Commission. The 27 members would evaluate and recommend new water research and projects to put us on the path to water sustainability across the entire state of Nebraska. I believe this is one of the most important considerations in my eight years in the Legislature.
The property tax credit program, started in 2007, provides a state funded discount on a local homeowner or landowner’s property tax bill. The proposed budget adds $25 million to the fund. An amendment to make the amount $45 million did not pass. Most property owners will see a savings of $74 per $100,000 property valuation. The present savings is $66 per $100,000 valuation.
Tuesday’s vote was the first of three required to pass the budget and present it to the Governor by March 26, the 50th Legislative Day. This budget includes the increased commitment to water sustainability.
Many of my constituents contact my office concerning income tax cuts, especially for military and social security payments to retirees. The Revenue Committee introduced LB 987 and the body advanced it to the second round of debate. The bill would adjust individual income tax brackets for inflation and exempt Social Security income, up to a certain amount, from taxation. If passed in present form, the new rates would take effect for tax years beginning January 1
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