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$400 million in unclaimed property tax credits have been revealed in Nebraska since 2020 by a legislatively approved system
State Tax Commissioner Highlights Property Tax Credit Program’s Contribution to Nebraska’s Tax Relief Efforts
Unclaimed property tax credits totaling over $400 million since Tax Year 2020 have surfaced in Nebraska, a state with a population of less than two million, according to Smart News. This information comes from a new system that the Department of Revenue said was approved by lawmakers and is intended to give homeowners refunds based on the amount they pay in property taxes. According to state tax commissioner James Kamm, Nebraska highlights its efforts to ease the load on taxpayers by providing a credit for local property taxes paid by citizens against their state income taxes.
Unclaimed Property Tax Credits in Nebraska Remain Unclaimed Throughout Tax Years, Emphasizing Opportunities for Missed Financial Assistance
In Tax Year 2020, just $82 million of the possible $130 million in credits were claimed, leaving $48 million unclaimed. These numbers highlight the extent of unclaimed credits. A significant $160 million went unclaimed in Tax Year 2021, with claims totaling $418 million of the possible $578 million. $549.5 million of the $763 million that could have been claimed in Tax Year 2022 was left unclaimed. This trend shows that there is a substantial amount of unrealized financial assistance accessible to Nebraskans, and it also emphasizes how crucial it is to spread the word about these tax credits to guarantee that taxpayers may take full advantage of the provisions made by legislation.
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