Bill > LB510

This bill makes several modifications to Nebraska's sales tax rates and provisions related to the Good Life Transformational Projects Act and Good Life District Economic Development Act. Specifically, it adjusts the state sales tax rate for transactions within good life districts, extending the reduced tax rate of 2.75% through July 1, 2025, and then establishing a conditional reduced rate for July 1, 2025, which will only apply if the city or village within the district imposes its own sales or occupation tax of at least 2.75%. The bill also strengthens provisions around establishing and maintaining good life districts by requiring more detailed documentation of investment commitments, mandating that the department provide quarterly updates on investment progress, and establishing a process where property owners or cities can assume responsibilities if a district is at risk of termination. Additionally, the bill adds a prohibition against using eminent domain to acquire property within a good life district for the purpose of transferring it to a private entity. These changes aim to provide more flexibility and oversight for economic development projects while maintaining safeguards for local communities and investors.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59694