Bill > LB200

This bill reinstates the Personal Property Tax Relief Act provisions for tax years after 2024, which had previously been set to expire after tax year 2020. Specifically, the bill provides a $10,000 exemption for tangible personal property taxes for individuals and businesses who file a personal property tax return. For railroads, car line companies, public service entities, and air carriers, the bill introduces a "compensating exemption factor" that reduces their taxable personal property value to reflect the $10,000 exemption given to other taxpayers. The state will reimburse local taxing subdivisions for the lost tax revenue resulting from these exemptions through two annual installments, with the reimbursement calculated based on certified lost tax revenues and distributed proportionally among local government entities. The bill amends multiple sections of Nebraska tax law to implement these provisions, ensuring that local governments are financially compensated for the personal property tax exemptions and that various types of entities receive consistent tax treatment. The changes aim to provide tax relief for personal property owners while maintaining a balanced approach to local government funding.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59394