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‘One Big Beautiful Bill’ Projected to Cost Nebraska over $216 Million in Tax Revenue
Nebraska faces a $406 million income tax revenue shortfall through 2029 due to tax cuts in President Trump's bill, intensifying the state's existing budget deficit.
- On Tuesday, the Nebraska Department of Revenue projected the One Big Beautiful Bill will cut state income tax revenues by $406 million through the 2028-29 fiscal year, linking losses to the federal reconciliation bill.
- Because Nebraska conforms to federal tax code, expanded corporate deductions and credits reduce state revenue, with Nebraska Department of Revenue projecting $63 million lost in corporate income taxes for 2025-26.
- Within the current biennial budget cycle, Nebraska faces roughly $216 million in losses, and fiscal year 2025-26 will cost more than $102.5 million in combined tax revenue losses.
- Lawmakers now face cuts or tax increases to close a roughly $216 million shortfall next year, while Gov. Jim Pillen signals intent to cut Nebraska's budget by up to 10%.
- A broader political constraint is Nebraska Legislature's opposition to tax increases while Democrats in the Nebraska Legislature warn recent tax cuts created a structural deficit; lawmakers closed a $396 million shortfall earlier this year and critics caution further cuts could harm state employees and services.
14 Articles
14 Articles
Omaha World-Herald
Nebraska braces for $400M shortfall from Trump's 'Big Beautiful Bill'
President Donald Trump's domestic policy bill will slash Nebraska's income tax revenues by $406 million over the next four years, with corporations saving the most under the cuts.
Report: Big Beautiful Bill will cost Nebraska $400 million in tax revenue over four years
LINCOLN, Neb. (KLKN) — The changes to the federal tax code will also affect revenue at the state level, officials say. On Tuesday, the Nebraska Department of Revenue published an analysis of President Donald Trump’s “One Big Beautiful Bill” on the state’s tax revenue. The report says Nebraska will lose $406.5 million in tax money over the next four fiscal...
Nebraska Department of Revenue estimates 'One Big Beautiful Bill' could cost the state over $400 million
The "One Big Beautiful Bill" was signed into law on July 4, and the department's report details "the changes to the IRC and the impact of the changes on state income tax revenues and various classes and types of taxpayers."
The Norfolk Daily News
‘One Big Beautiful Bill’ projected to cost Nebraska over $216 million in tax revenue
LINCOLN — A report from Nebraska’s Department of Revenue projects that the federal budget reconciliation bill will cost state government more than $216 million over the next two years. The department released the analysis as part of a state law…
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