Bill > LB566

This bill eliminates the sunset date for a specific income tax credit related to the purchase of residential property in extremely blighted areas. Currently, the tax credit of $5,000 is available for individuals who purchase a primary residence in an extremely blighted area, with the credit set to expire on January 1, 2026. By removing the sunset date (the "<del>and before January 1, 2026</del>" language), the bill makes this tax credit permanent. To qualify for the credit, the home must be located in an area officially designated as extremely blighted, cannot be purchased from a family member, and must serve as the individual's primary residence. The credit can be claimed in the year of purchase and carried forward to subsequent years if not fully utilized. There are provisions for credit recapture if the homeowner sells the property or stops using it as a primary residence within five years of claiming the credit. The bill effectively ensures that this tax incentive for purchasing and rehabilitating homes in blighted areas will continue indefinitely, potentially supporting community revitalization efforts.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59205