Bill > LB564

This bill modifies the School District Property Tax Relief Act by changing how funds are transferred to the School District Property Tax Relief Credit Fund and adjusting the amount of tax relief granted. Specifically, the bill establishes a transfer of $750 million from the General Fund to the School District Property Tax Relief Credit Fund in fiscal year 2024-25, and mandates that for fiscal year 2025-26 and subsequent years, the transferred amount will increase by $150 million annually (instead of the previous 3% increase). Similarly, for tax years, the total relief granted will start at $750 million in 2024 and increase by $150 million each year (rather than the previous 3% incremental increase). The property tax credits will continue to be applied against school district property taxes, with the amount per parcel calculated based on the ratio of school district taxes levied in the prior year. The bill includes provisions for how credits are distributed to counties, handled for homestead properties, and ensures that any unused credits are returned to the fund. The legislation takes effect immediately upon passage, as declared by an emergency clause.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59763