Nebraska Senators Propose First-Time Homebuyer Savings Accounts and New Taxes

LINCOLN: So, there’s some buzz in Nebraska about new proposals from state lawmakers. One of them, State Sen. John Cavanaugh from Omaha, is looking to help first-time homebuyers. He’s introduced a bill to create savings accounts specifically for them.

The idea is that taxpayers could put money into these accounts and get a tax break. For married couples, they could save up to $4,000 a year, while others could save $2,000. This could really help folks save for their first home. Plus, the limits would adjust with inflation starting in 2027, which is a nice touch.

Cavanaugh wants to make homeownership more achievable for Nebraskans. He’s also got another bill aimed at giving tax relief to homeowners, focusing on those who live in their homes rather than big out-of-state property owners. He estimates this could save average homeowners in Douglas County about $2,000.

On top of that, there are talks about expanding sales taxes to cover more goods and services. Some lawmakers are looking at taxing things like pet grooming, tattoos, and even dating services. They think this could bring in a good chunk of change to help fund the new tax relief programs.

Cavanaugh’s proposals are part of a larger conversation about how to handle Nebraska’s budget, especially with a projected shortfall coming up. It’s a busy time in the legislature, with lots of new bills being introduced.

So, it looks like Nebraska is gearing up for some significant changes that could impact homeowners and taxpayers alike. It’ll be interesting to see how these proposals unfold in the coming months.