Bill > LB707

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.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59825