Incentivizing jobs and growth drives Nebraska forward
Taxes are always a hot topic in Nebraka. (Getty Images)
Nebraska stands at a critical juncture, with our economic future increasingly at stake. Recent criticism by State Auditor Mike Foley regarding the fiscal impact of business tax incentives is another troubling example in an alarming trend of attacks undermining economic development.
The Greater Omaha Chamber believes strongly that strategic economic development programs, including robust business tax incentives, are not merely beneficial. They are essential.
Foley's report casts doubt on the value of these incentives. It overlooked the careful and transparent consideration these programs have received.
Nebraska's Legislature and the Nebraska Economic Forecasting Advisory Board consistently factor these incentives into revenue projections, thoroughly assessing both costs and returns.
These are well-established 'pay-for-performance' incentives. Nebraska taxpayers incur no cost unless recipient businesses fulfill predetermined benchmarks including job creation and major capital investment.
We currently over-perform in economic development wins with a very limited number of tools for this purpose. Thus, far from being fiscal liabilities, incentives tie to proven economic outcomes and benefits for our state.
Unfortunately, the auditor's critique fuels a narrative that disregards the competitive nature of today's economic landscape. Nebraska now ranks 40th nationally in incentives awarded, according to Site Selection Group. This position places us well behind more aggressive neighboring states with targeted incentive programs. If we continue down this path, we risk falling further behind, jeopardizing not only potential economic opportunities but also the stability of existing businesses that drive our state's economy.
Economic development is not an abstract luxury. It is the engine that powers every aspect of our quality of life in Nebraska, from job creation and infrastructure to education and property tax relief.
Yet a disturbing climate at the State Capitol increasingly dismisses the importance of these development tools, labeling them as optional or expendable. This short-sighted view poses threats as companies weighing Nebraska for investment and expansion consider how supportive and stable the business environment is.
Every day, the Greater Omaha Chamber and economic development organizations across Nebraska witness firsthand how economic incentives attract new businesses, encourage local expansions and create thousands of jobs for Nebraskans.
These jobs provide economic security and stability for families, generate substantial new tax revenues and create vibrant communities capable of supporting quality public services and education.
It is these opportunities that serve as plug in our brain drain challenge.
Let us be clear: Transparent oversight and accountability for public funds are indispensable. No one disputes the importance of regularly assessing the effectiveness of economic programs.
However, we strongly oppose political attacks that distort the record and ignore the essential role these incentives have played in Nebraska's growth.
Nebraska's elected officials, business leaders and communities must rally around our proven economic development programs. We must recommit to a vision of strategic, forward-looking growth, ensuring Nebraska can effectively compete and thrive.
Now is the time to bolster — not undermine — our state's competitiveness through strategic incentives that foster sustained economic growth. Our businesses and all Nebraskans deserve nothing less.
Heath Mello is president and CEO of the Greater Omaha Chamber of Commerce and served in the Nebraska Legislature from 2009-2017, including as chair of the Appropriations Committee.
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