Nebraska Policy Group Calls for State to Decouple From CARES Act Tax Cuts

Nebraska's Open Sky Policy Institute issued a policy brief advocating for the state to decouple from the tax cuts included in the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act and save $250 million that could be used to fund public services during the COVID-19 pandemic; the group argued that the CARES Act provision that allows passthrough entities to use their net operating losses to offset their nonbusiness income would cost the state $80 million in fiscal 2021 and $187 million through fiscal 2023.