House legislation that would cut business taxes is ready for floor debate, but that won’t be happening this week.
House Bill 1253 sponsored by Representative T.J. Berry (R-Kearney) would cut taxes on business income reported by individuals by 50 percent while cutting gradually to 50 percent the corporate income tax rate, or immediately for businesses that pay 150 percent of their counties’ average wage.
Berry says leadership wants lawmakers to have more time to go over the proposal.
“Considering (House Bill) 253 from last year was so complicated and had a good deal of controversy around it, we want to be prepared as a body to discuss it next week.”
Legislative researchers estimate the bill would reduce state revenue by up to more than $347-million a year. Berry says he thinks that’s reasonable.
“I am more than happy to go with that figure and go with that bill,” says Berry. “I still think the governor will veto that bill. At that point people will have to measure their reaction and see if we want to override the governor at that point.”
Today in a House Committee Berry presents his other proposal (HB 1254) that includes tax amnesty and a business tax cut mean to spur job creation.