Bill > LB182

This bill modifies provisions of the Affordable Housing Tax Credit Act and the Child Care Tax Credit Act, making several key changes. For the Affordable Housing Tax Credit, the bill expands the definition of a "pass-through entity" to include partnerships, limited liability companies, and S corporations, and provides more flexible rules for how tax credits can be allocated, transferred, sold, or assigned among partners, members, or shareholders. The bill also clarifies that pass-through entities must notify the Department of Revenue about any tax credit allocations or transfers. For the Child Care Tax Credit, the bill broadens the types of taxpayers who can claim the credit to include insurance companies and financial institutions, and adds a new provision that allows taxpayers claiming the credit against premium taxes to do so without incurring additional retaliatory taxes. The bill applies these changes to taxable years beginning on or after January 1, 2024, and ensures that the tax credits can be used to offset various types of taxes, including income, premium, and franchise taxes. Overall, the bill aims to provide more flexibility and incentives for affordable housing development and child care support in Nebraska.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=58850