Bill > LB677

This bill: 1) Amends the Property Tax Credit Act to require the Department of Revenue to annually certify the minimum amount necessary to be appropriated to the Property Tax Credit Cash Fund, which must be at least the sum of the amounts certified by the State Department of Education to be transferred to the Tax Equity and Educational Opportunities Fund and to be distributed as school district property tax relief aid. 2) Establishes a school district property tax relief aid program where qualifying local systems (school districts) that receive more than 55% of their general fund revenue from property taxes will receive aid equal to 75% of the amount by which their property tax receipts exceed 55% of their total general fund revenue. 3) Decreases the maximum levy for school districts and multiple-district school systems from $1.05 to $0.9870 per $100 of taxable valuation, and requires this levy decrease to be considered in calculating the statewide increase in state aid under the Tax Equity and Educational Opportunities Support Act. 4) Provides an option enrollment relief correction to be added to state aid for qualifying local systems that do not receive school district property tax relief aid and have net option funding greater than 90% of their preliminary state aid. 5) Allows school districts receiving school district property tax relief aid to override up to 25% of the aid reduction to their budget authority with a two-thirds school board vote.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=37757