Bill > LB194

This bill modifies the documentary stamp tax exemptions in Nebraska, specifically expanding and clarifying existing provisions related to property transfers between family members and family-owned business entities. The bill updates section 76-902 to provide more detailed guidance on when property transfers between family members, spouses, ex-spouses, and family-owned corporations, partnerships, or limited liability companies can be exempt from documentary stamp taxes. Key changes include explicitly stating that step relationships will be considered the same as blood relationships when determining family connections, and providing specific scenarios where transfers to wholly-owned corporations or limited liability companies can be tax-exempt. These scenarios include transfers where the grantor is the same as the single owner, transfers between spouses to a corporation owned by one spouse, or transfers between family members to a corporation owned by one family member. The bill aims to provide clearer rules and broader tax exemptions for familial and closely-held business property transfers, ensuring that certain types of property exchanges can occur without incurring additional tax burdens. The original section 76-902 is to be repealed and replaced with these updated provisions.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59338