Bill
Bill > LB647
NE LB647
Adopt the Recreational Trail Easement Property Tax Exemption Act and the Adoption Tax Credit Act and change provisions relating to budget limitations, property tax request authority, municipal occupation taxes, real property assessments, the Property Tax Request Act, income tax credits, taxation of business entities, the School District Property Tax Relief Act, and the Nebraska educational savings plan trust
summary
Introduced
01/22/2025
01/22/2025
In Committee
01/24/2025
01/24/2025
Crossed Over
04/29/2025
04/29/2025
Passed
06/06/2025
06/06/2025
Dead
Signed/Enacted/Adopted
06/05/2025
06/05/2025
Introduced Session
109th Legislature
Bill Summary
A BILL FOR AN ACT relating to revenue and taxation; to amend sections 13-3106, 14-109, 15-202, 15-203, 16-205, 17-525, 77-1613, 85-1801, 85-1802, 85-1804, 85-1805, 85-1806, 85-1807, 85-1808, 85-1809, 85-1810, 85-1811, 85-1812, 85-1813, 85-1814, 85-1815, 85-1816, 85-1817, 85-2802, 85-2803, and 85-2804, Reissue Revised Statutes of Nebraska, and sections 13-518, 13-3103, 13-3402, 13-3403, 13-3405, 13-3406, 18-1208, 68-1201, 72-1239.01, 76-214, 77-202, 77-202.01, 77-202.03, 77-202.05, 77-3,110, 77-1631, 77-1701, 77-2715.07, 77-2716, 77-2727, 77-2734.01, 77-2776, and 77-7305, Revised Statutes Cumulative Supplement, 2024; to adopt the Recreational Trail Easement Property Tax Exemption Act; to adopt the Adoption Tax Credit Act; to change provisions of the Sports Arena Facility Financing Assistance Act; to redefine a term relating to budget limitations; to redefine terms and change provisions of the Property Tax Growth Limitation Act relating to calculation of property tax request authority, authorized increases to such authority, and unused property tax request authority; to change provisions relating to municipal occupation taxes; to change provisions relating to the filing of statements of recorded easements and property tax exemptions; to change provisions relating to property tax exemptions; to change provisions relating to duties of the county assessor regarding real property assessments; to define and redefine terms under the Property Tax Request Act; to change provisions relating to income tax credits allowed for the purchase of certain residences; to change provisions relating to the taxation of partnerships and small business corporations and notices of deficiency; to change certain calculations and authorize the county to retain certain funds for costs under the School District Property Tax Relief Act; to include savings plans for elementary and secondary education in the Nebraska educational savings plan trust and redefine terms relating to such trust; to change the names of certain funds; to transfer provisions; to eliminate obsolete provisions; to harmonize provisions; to provide operative dates; to repeal the original sections; and to declare an emergency.
AI Summary
This bill introduces multiple significant changes to Nebraska's tax, education, and property laws, focusing on two primary new initiatives and numerous technical amendments. The Recreational Trail Easement Property Tax Exemption Act will allow property owners who grant perpetual recreational trail easements to receive property tax exemptions, with the goal of promoting public health, economic development, environmental conservation, and community connectivity. The Adoption Tax Credit Act will provide adoptive parents with a refundable tax credit equal to 10% of the federal adoption expenses tax credit, beginning in 2026. The bill also makes numerous technical modifications to existing laws related to property taxes, income taxes, municipal occupation taxes, educational savings plans, and various other state financial programs. Key provisions include changes to property tax request authority for political subdivisions, adjustments to how partnership and small business corporation taxes are calculated, expansions to the Nebraska educational savings plan trust to include elementary and secondary education savings, and modifications to various tax credit programs. The bill aims to provide tax relief, encourage specific behaviors like trail conservation and adoption, and streamline state financial regulations. Operative dates for different sections of the bill vary, with some provisions becoming effective in October 2025, January 2026, or three months after the legislative session's adjournment.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Revenue Committee (L)
Last Action
Provisions/portions of LB709 amended into LB647 by AM1202 (on 06/06/2025)
Official Document
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