Nebraska’s EPIC Act: Replacing Taxes with Sales Tax for Economic Growth and Simplification

• Proponents of the EPIC Act are gathering signatures to put the question on the ballot in November 2024
• The EPIC Act would replace all Nebraska state and local taxes with a sales tax
• The proposed sales tax rate would be 7.5% or no more than 8%
• The sales tax would not be imposed on groceries
• The ultimate cost of the single sales tax is debated, with predictions of revenue losses as high as $7.4 billion a year
• Nebraska Gov. Jim Pillen has proposed an increase to the sales tax and an expansion of the sales tax base
• Proponents of the EPIC Act aim to create jobs, increase investment, stimulate economic growth, and simplify the tax system
• The EPIC Act aims to create a more competitive tax environment and address complaints about rising property taxes
• The EPIC Act has not been approved for the November 2024 ballot yet.

Source: rsmus.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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