Nebraska board sees revenue uptick this year before decline

LINCOLN, Neb. (AP) — Nebraska state government will collect an extra $90 million in tax revenue in the current fiscal year that ends June 30 but will face a less rosy outlook over the following two years, based on new state estimates.

The Nebraska Economic Forecasting Advisory Board on Friday lowered its revenue projections by $5 million over the following two budget years, starting on July 1.

The new predictions will give lawmakers about $38 million more than expected in the current legislative session, after adjusting for requirements of state law. The projections will also trigger an automatic boost to a new state property tax credit program.

Gov. Pete Ricketts urged lawmakers to “stay the course” with his plan to ease the local property tax burden for Nebraska residents.

“Nebraska’s economy continues to show significant signs of strength as we emerge from the pandemic,” Ricketts said.