Nebraska Treasurer discusses the state’s budget, property taxes and NEST 529

SIOUX CITY (KTIV) - Nebraska is facing a budget shortfall, and it has some residents concerned.

Nebraska Treasurer Tom Briese stopped by the KTIV studio on Tuesday, April 29, to address the state’s budget issues.

When he served in the Unicameral, he introduced legislation requiring an “efficiency review” of state government. That review is ongoing.

”They issued a phase one report last summer. They identified the company that we employed identified over $500 million worth of potential savings and efficiencies that could be garnered in Nebraska, and their work continues. They’re going to issue a phase two report sometime here before too long, and they’ll identify other sources of potential savings,” said Briese.

Briese recommends lawmakers fill the gap in the budget in several ways. That includes reducing the state’s contributions to the teacher retirement plan, expanding the sales tax base, increasing cigarette and nicotine taxes, or allowing for online sports betting in Nebraska.

He added, if there are ways to cut back, the state needs to start cutting back.

”The opportunity to find ways to run government more efficiently, and find ways to decrease state spending in Nebraska. So I look at the current situation as an opportunity. It forces lawmakers in Nebraska, it forces us in Nebraska to look for ways to save money, to be more prudent with taxpayer dollars,” said Briese.

Watch the full interview below:

During his time as a lawmaker, he said he focused on property tax relief and reform, but he adds there is a lot more work to be done.

“We continue to have a property tax crisis in Nebraska, and we have to continue to focus on that crisis and do what we can to address that crisis, and the rid of that crisis. Really is the failure of the state of Nebraska to properly fund K12 education in Nebraska. Nebraska relies far too heavily on local property taxpayers to fund K-12 education. That has to end.”

He said that the solution to the property tax crisis in Nebraska is for the state to take over funding of public schools in Nebraska now.

“But it’s an uphill battle. We found that out last year,” He said. “Last year, in the special session, we had the fix for that, and that fix was essentially the state taking over general fund expenditures of K-12 education in Nebraska. That would have solved the property tax crisis in Nebraska. Unfortunately, special interest lobbyists got in the way of that. Couldn’t get it done.”

Briese’s office runs several programs, a popular one right now being NEST 529, which is a college savings plan. It is a tax-advantaged investment account that can be used for future education expenses.

“I would encourage you to continue to save and invest in that account we maintain. If you don’t have an account, you want to set one up. It only takes 10 minutes or so. So it’s a fairly simple process. Again, a great way to save for higher education,” he explained.

Follow this link to learn more about NEST 529.

Briese says he wants to continue to help create a sustainable path forward financially for the state of Nebraska.

Want to get the latest news and weather from Siouxland’s News Source? Follow these links to download our KTIV News app and our First Alert Weather app.

Copyright 2025 KTIV. All rights reserved.