(Lincoln, NE) — The State of Nebraska reports a Billion dollars in tax revenues for the first time last month, $375 Million dollars more than projected.
Net receipts for April total $989 Million.
Nebraska Governor Pete Ricketts says the surplus allows for historic tax relief in the state.
Ricketts signed a bill into law in April creating $900 Million dollars in tax cuts. The bill includes reducing individual and corporate tax rates to 5.84-percent in five years; increasing property tax credits, and eliminating state tax on social security income in three years.
Critics say the cuts are poorly times with a downward trend in the economy, and rising inflation nationwide.