Coalition against Estate & Inheritance Taxes: Governor Heineman is Taking a Necessary Step

by Charles Chamberlayne - No Comments
Posted on January 13th, 2012 10:17 am

For Immediate Release: Friday, January 13, 2012
AFBI Contact: Charles Chamberlayne, 202-969-2444 ext. 505
charles@americanfamilybusinesses.org

Coalition against Estate & Inheritance Taxes:
GOVERNOR HEINEMAN IS TAKING A NECESSARY STEP
Group Urges Nebraska Legislature to Move on Governor’s Request
 
LINCOLN, NE – Following Nebraska Governor Dave Heineman’s proposal to eliminate the State’s inheritance tax during his State of the State this morning, today a coalition of organizations against estate and inheritance taxes released the following joint statement:

“By calling for the elimination of the death tax for Nebraska taxpayers, Governor Dave Heineman is taking a necessary step to remove an unfair burden from the backs of family businesses and farms that are struggling to grow, retain jobs, and plan for succession in Nebraska.  His action will keep family businesses in Nebraska and attract new businesses away from other states that choose to penalize America’s jobs creators with a death tax upon passing.  We urge the state legislature to join the Governor and State Senator Cornett in helping to protect Nebraska’s rich heritage of family farming and ranching by passing LB 970.”

The coalition against estate and inheritance taxes includes the Platte Institute, an economic think tank dedicated to improving the quality of life for all citizens of Nebraska through public policy solutions, American Family Business Institute (AFBI), a trade association representing family business owners and farmers, Americans for Tax Reform (ATR), an organization devoted to opposing any federal or state efforts to increase taxes, and Americans for Prosperity (AFP), an organization of grassroots activists on fiscal and regulatory restraint.

According to Tax Foundation data, Nebraska jumped to the 29th business-friendly state in the U.S. from the 44thth in 2006 under Governor Heineman’s leadership. A Forbes Magazine article recently labeled Nebraska as a place “not to die in 2012” because it is currently one of eight states that still levies an inheritance tax.  A bill introduced by State Senator Cornett, LB 970, helps to alleviate these issues by eliminating the inheritance tax on beneficiaries of all decedents (whether the decedents are residents or nonresidents of Nebraska) who die on or after January 1, 2013. The bill also reduces the top corporate income tax rate to 6.7 percent from its current 7.81 percent, reduces the individual income tax to a matching 6.7 percent from its current rate of 6.84 percent and makes some other changes to income tax brackets.  All of the provisions in the bill would go into effect January 1st, 2013.

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