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Bill > LB1
NE LB1
NE LB1Adopt the Property Tax Growth Limitation Act, the School District Property Tax Relief Act, and the Advertising Services Tax Act and change revenue and taxation provisions
summary
Introduced
07/25/2024
07/25/2024
In Committee
07/29/2024
07/29/2024
Crossed Over
Passed
Dead
08/21/2024
08/21/2024
Introduced Session
Potential new amendment
108th Legislature 1st Special Session
Bill Summary
A BILL FOR AN ACT relating to revenue and taxation; to amend sections 2-2701, 9-648, 13-508, 13-518, 13-2817, 29-3933, 53-160, 72-2305, 72-2306, 77-2701.11, 77-2701.35, 77-2704.10, 77-2704.24, 77-2704.27, 77-2704.50, 77-27,142, 77-27,148, 77-27,235, 77-5209.02, and 79-1002, Reissue Revised Statutes of Nebraska; sections 77-382, 77-693, 77-801, 77-1238, 77-1239, 77-1248, 77-1776, 77-2602, 77-2701.16, 77-2703, 77-27,144, and 81-12,193, Revised Statutes Cumulative Supplement, 2022; sections 77-1632, 77-1633, 77-1701, 77-2734.01, 77-4008, 77-6702, and 77-6703, Revised Statutes Supplement, 2023; section 77-3005, Reissue Revised Statutes of Nebraska, as amended by Laws 2024, , section 11; section 77-202, Revised Statutes Cumulative Supplement, 2022, as amended by Laws 2024, , section 10, and Laws 2024, , section 73; section 9-1,101, Revised Statutes Supplement, 2023, as amended by Laws 2024, , section 1; section 77-2701, Revised Statutes Supplement, 2023, as amended by Laws 2024, , section 67, Laws 2024, , section 8, and Laws 2024, , section 80; section 77-2701.02, Revised Statutes Supplement, 2023, as amended by Laws 2024, , section 81; section 77-2701.04, Revised Statutes Supplement, 2023, as amended by Laws 2024, , section 68, and Laws 2024, , section 82; section 77-2716, Revised Statutes Supplement, 2023, as amended by Laws 2024, , section 75, Laws 2024, , section 10, Laws 2024, , section 85, and Laws 2024, , section 1; section 77-27,132, Revised Statutes Supplement, 2023, as amended by Laws 2024, , section 3; section 77-4025, Revised Statutes Supplement, 2023, as amended by Laws 2024, , section 36; section 77-4212, Revised Statutes Supplement, 2023, as amended by Laws 2024, , section 11; section 77-4405, Revised Statutes Supplement, 2023, as amended by Laws 2024, , section 90, and Laws 2024, , section 14; section 79-1021, Revised Statutes Supplement, 2023, as amended by Laws 2024, , section 12; Laws 2024, , section 17; and Laws 2024, , section 17; to adopt the Property Tax Growth Limitation Act, the School District Property Tax Relief Act, and the Advertising Services Tax Act; to change provisions relating to the taxes collected under the Nebraska County and City Lottery Act; to change provisions relating to budgets and budget limitations; to change provisions relating to the taxes collected under the Nebraska Liquor Control Act; to change the Personal Property Tax Relief Act as prescribed; to change provisions relating to property tax statements, the cigarette tax, and sales tax rates; to eliminate certain sales and use tax exemptions and impose sales and use taxes on certain services; to define and redefine terms; to change provisions relating to the imposition of sales and use taxes; to change income tax provisions relating to certain income or loss received from S-corporations and limited liability companies; to change the distribution of sales and use tax and income tax revenue; to change provisions of the Local Option Revenue Act, the Mechanical Amusement Device Tax Act, the Tobacco Products Tax Act, the Property Tax Credit Act, the Nebraska Property Tax Incentive Act, and the Tax Equity and Educational Opportunities Support Act; to harmonize provisions; to provide an operative date; to provide severability; to repeal the original sections; to outright repeal sections 77-2701.49, 77-2701.50, 77-2701.51, 77-2701.52, 77-2701.53, 77-2704.22, 77-2704.38, 77-2704.39, 77-2704.40, 77-2704.51, 77-2704.53, 77-2704.56, 77-2704.57, 77-2704.60, 77-2704.61, 77-2704.62, 77-2704.63, 77-2704.65, and 77-2704.67, Reissue Revised Statutes of Nebraska; sections 77-2704.20 and 77-2704.69, Revised Statutes Cumulative Supplement, 2022; sections 77-2704.36 and 77-4003.01, Revised Statutes Supplement, 2023; and section 77-2704.66, Reissue Revised Statutes of Nebraska, as amended by Laws 2024, , section 83; and to declare an emergency.
AI Summary
This bill:
- Adopts the Property Tax Growth Limitation Act, which places limits on the amount of property taxes that political subdivisions can levy each year, with some exceptions allowed for approved bonds, emergencies, and increases approved by voters.
- Adopts the School District Property Tax Relief Act, which provides property tax credits to real property owners funded by the state to help offset school district property taxes.
- Adopts the Advertising Services Tax Act, which imposes a 7.5% tax on the gross advertising revenue of companies with over $1 billion in combined gross advertising revenue.
- Changes various other tax provisions, including increasing the cigarette tax, changing sales and use tax exemptions and rates, modifying income tax deductions, and allocating increased tax revenue to the Education Future Fund.
- Establishes the intent of the Legislature to reevaluate and change the funding formula for Nebraska's public school system to increase state funding and decrease reliance on property taxes.
Committee Categories
Budget and Finance, Military Affairs and Security
Sponsors (1)
Last Action
Indefinitely Postponed pursuant to Rule 9, Sec. 8 (on 08/20/2024)
Official Document
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