Bill > LB81

This bill modifies the Nebraska Property Tax Incentive Act by first defining a new term "allowable growth percentage," which represents the percentage increase in the total assessed value of real property in the state from the prior year to the current year. The bill extends the existing tax credit program for school district and community college taxes through 2024 and introduces a new method for calculating tax credits for the 2024 tax year. Under the new provision, the Department of Revenue will set the credit percentage so that the total amount of credits for 2024 will be the maximum amount of credits from the previous year, increased by the allowable growth percentage. The bill maintains the existing structure where eligible taxpayers, including individuals, corporations, partnerships, and other entities, can receive a refundable tax credit based on school district taxes paid. The legislation also continues to allow for tax credit allocation for pass-through entities like S corporations, partnerships, and limited liability companies. The bill declares an emergency, meaning it will take effect immediately upon passage and approval.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=58807