Ricketts touts budget bill

Gov. Pete Ricketts signed a two-year state budget promoting tax relief and controlling state spending, into law, Monday.

Budget growth was limited to 1.7% and set at $9.7 billion for the two-year period ending June 30, 2023.

The newly-signed budget leaves $206 million available, although that total could change after April 29, when revenue forecasts will be updated.

Ricketts said, "The budget I have signed controls state spending and significantly increases direct property tax relief for the people of Nebraska. As the legislature continues their work, there are additional opportunities to deliver significant tax relief.

According to a press release from Ricketts' office, "This is about one-fourth of the yearly budget grown before Ricketts took office."

Property tax relief has been a top priority during this year's legislative session.

Approximately $1.45 billion in property tax relief, over the two-year budgetary period, is expected.

This figure includes $613 million generated through the state's Property Tax Credit Relief Fund.

Another $627 million is expected to come about after passage of LB 1107, which provides a new refundable property tax credits while offsetting a portion of school property taxes.

According to Ricketts, the budget also features $214 million to provide property tax payments in the homestead exemption program.

Finally, more than $1 billion in K-12 school aid is built into budget figures. Career scholarship programs to private institutions are included in the budget.

Resources for the state's textbook loan program for K-12 private schools will also be expanded.

A plan to build a new correctional facility is included in the two-year financial plan.

The proposed facility, with $15 million allocated from the budget into design, planning and site selection, would replace the current Nebraska State Penitentiary.

"This investment will also increase the operational capacity of Nebraska's corrections system to meet forecasted needs," according to a governor's office press release.

State senators have not authorized construction of a new correctional facility.