Bill
Bill > LB707
NE LB707
Change provisions relating to the sales tax rate, the Good Life Transformational Projects Act, and the Good Life District Economic Development Act
summary
Introduced
01/22/2025
01/22/2025
In Committee
01/24/2025
01/24/2025
Crossed Over
05/09/2025
05/09/2025
Passed
06/05/2025
06/05/2025
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 77-2701.02, 77-4401, 77-4403, 77-4404, 77-4405, 77-4406, 77-4408, 77-4410, 77-4412, 77-4413, and 77-4414, Revised Statutes Cumulative Supplement, 2024; to change provisions relating to the sales tax rate, the Good Life Transformational Projects Act, and the Good Life District Economic Development Act; to define and redefine terms; to harmonize provisions; to provide severability; to repeal the original sections; and to declare an emergency.
AI Summary
This bill modifies the Good Life Transformational Projects Act and the Good Life District Economic Development Act to make several substantive changes to how good life districts can be established and operated in Nebraska. The bill introduces new definitions for terms like "new business," "additional good life district retailer," and "project area," and establishes more detailed rules for creating and managing good life districts. Key provisions include reducing the state sales tax rate to 2.75% for transactions within a good life district until October 1, 2025, after which transactions in metropolitan class cities will be taxed at 50% of the standard rate. The bill also allows for the creation of up to six project areas within a good life district, requiring a memorandum of understanding between the city, project area applicant, and the Department of Economic Development to manage local revenue sources. Additionally, the bill establishes more stringent reporting requirements, limits on non-revenue producing costs, and provides greater oversight of how funds can be used within good life districts. The legislation aims to provide more structure and accountability for economic development projects while maintaining flexibility for cities and developers to pursue transformative economic initiatives.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Approved by Governor on June 4, 2025 (on 06/05/2025)
Official Document
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