Bill > LB328

This bill changes how the documentary stamp tax (a tax paid when real estate property transfers ownership) is collected and distributed in Nebraska. Currently, for each $2.25 collected from the tax, specific amounts were automatically allocated to different trust funds like the Affordable Housing Trust Fund, Homeless Shelter Assistance Trust Fund, Behavioral Health Services Fund, and Site and Building Development Fund. The bill removes these specific allocation requirements, instead allowing the register of deeds to retain the tax collection and place it in the county general fund. The bill also makes several technical amendments to the statutes governing these funds, including clarifying reporting requirements for the Affordable Housing Trust Fund and expanding the Behavioral Health Services Fund's ability to provide housing-related assistance for very low-income adults with serious mental illness. Additionally, the bill adds detailed definitions for terms like "housing-related assistance" and "very low-income" in the context of behavioral health services. The changes will become operative on October 1, 2025, giving state agencies time to prepare for the new funding structure. The overall intent appears to provide more flexibility in how documentary stamp tax revenues are used and tracked across various state funds.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59226