Bill > LB583

This bill modifies the documentary stamp tax rate and its disbursement, increasing the rate from $2.25 to $3.30 per $1,000 of property value and redistributing the collected funds across several state funds. Specifically, the bill changes funding allocations for the Affordable Housing Trust Fund, Child Care Grant Fund, Military Installation Development and Support Fund, Innovation Hub Cash Fund, Economic Recovery Contingency Fund, and Health Care Homes for the Medically Underserved Fund. The changes include new requirements for how these funds can be used, such as mandating that the Military Installation Development and Support Fund distribute money to veterans' services, the Affordable Housing Trust Fund allocate funds to emerging developers and special housing programs, and the Child Care Grant Fund increase its maximum grant amount from $10,000 to $15,000. The bill also modifies grant application processes, eligibility criteria, and reporting requirements for various programs. These changes aim to provide more targeted support for housing, child care, veterans' services, economic development, and healthcare initiatives across Nebraska. The bill is set to become operative on October 1, 2025, allowing time for implementation and preparation by the affected agencies and organizations.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59672