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Wed Apr 3, 2019, 07:27 PM

Omaha tax accountant credited for proposal that could generate $20 million a year

A surprise tax idea. For at least the past two years, Omaha tax accountant Stacy Watson has been urging state lawmakers to start collecting income taxes from out-of-state firms that earn income in Nebraska via charging franchise fees (think McDonald's or Subway), doing consulting work or selling digital products, like music.

On Wednesday, Watson's idea which might help state lawmakers reduce property taxes got a formal public hearing at the State Capitol.

Amendment 974 is the idea's formal legislative name, but members of the Revenue Committee have taken to calling it "Stacy Watson's Bill."

The amendment could generate as much as $20 million a year in new state tax revenue, which State Sen. Lou Ann Linehan of Elkhorn said she plans to use as part of the committee's package to reduce property taxes. The senator said it might also help lower some income tax rates, which has been a longtime goal of the state's business community.

Read more: https://www.omaha.com/news/legislature/capitol-digest-omaha-tax-accountant-credited-for-proposal-that-could/article_fd814919-67fc-512f-b0c4-d07d599e15ca.html

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Reply Omaha tax accountant credited for proposal that could generate $20 million a year (Original post)
TexasTowelie Apr 2019 OP
playaseeker Apr 2019 #1
at140 Apr 2019 #2

Response to TexasTowelie (Original post)

Wed Apr 3, 2019, 07:46 PM

1. It is not new money

The entity or people (if they are consultants or provide remote services) pay the taxes in their own state. It is not a new revenue stream for the state

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Response to TexasTowelie (Original post)

Wed Apr 3, 2019, 07:52 PM

2. That will remove $20 million from

The other states, hurting their economy.
..

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