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