Good News for Nebraskans!

Good News for Nebraskans!

Did you know that Nebraska, along with 13 other states, tax Social Security income.

Here is good news for Nebraskans.

Nebraska will phase out the tax beginning this year with a reduction of 5%. The state currently exempts state tax for married couples earning less than $59,100 a year. For single individuals, those making less than $44,460.

In 2022, it is a 20% reduction, 30% in 2023, 40% in 2024, and 50% in 2025. 

After the 5th year, the legislature will review the state revenue to determine how to extend the phaseout. 

The goal is to get to 100% by 2030. 

By the way, the new law took effect September 1, 2021.