Nebraska’s New Sales Tax Exemptions

More than $412 million in tax relief is on its way to the people of Nebraska, according to Governor Dave Heineman (R). Tax relief was prominently featured in the governor’s State of the State address, and recently signed legislation looks to turn promises into reality.

Changes include an expansion of the state’s homestead exemption program and an increase to the Property Tax Credit Program. There’s a new sales tax exemption for repair and replacement parts for agricultural machinery and equipment, effective October 1, 2014. And effective April 1, 2014, LB 867 creates new exemptions for the following:

• The retail sales of compressed natural gas;
• The sale, lease, or rental of and the storage, use or other consumption in Nebraska of currency or bullion. Bullion is defined as “bars, ingots, or commemorative medallions of gold, silver, platinum, or palladium, or a combination of these, for which the value of the metal depends on its content and not the form;"
• The sale, lease, or rental of and the storage, use or other consumption in this state of purchases by any historic automobile museum of items displayed or held for display by the museum; and
• The sale of certain postage.

How do you keep track of sales tax changes, such as new exemptions? Learn how an automated sales tax solution makes it simple.

photo credit: Hugo90 via photopin cc