Members of the Legislature’s Appropriations and Revenue committees are meeting Friday in Lincoln to review the incentives provided in the Nebraska Advantage Act.
Appropriations Committee Chair John Stinner of Gering says the Revenue Department will provide a 60 to 70 page report on the incentive program and then committee members can discuss and ask questions on whether it is working.
Stinner told KNEB News, ” We all like pro-growth and think incentives are a part of that. But we need to test whether we are really getting results from those incentive programs.”
Stinner says the meeting between the two committees is required by state law.
Stinner says major revenue months in August and September will be critical in determining whether legislation to make additional adjustments to the current budget are needed.
Last year Senator Stinner’s Appropriations Committee passed a budget adjustment bill early in the session to address revenue shortfalls and he told KNEB News there is a good probability the same thing being necessary in the next session in January. Stinner says he will know more when the Forecasting Board meets in October.
Stinner says like many other states that feature agriculture in their economy, personal income tax numbers continue to be down, driving the reduced revenue being collected