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
In Committee
01/24/2025
Crossed Over
05/09/2025
Passed
06/05/2025
Dead
Signed/Enacted/Adopted
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)

bill text


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bill summary

Document Type Source Location
State Bill Page https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59825
BillText https://nebraskalegislature.gov/FloorDocs/109/PDF/Slip/LB707.pdf
Fiscal Note for LB707 https://nebraskalegislature.gov/FloorDocs/109/PDF/FN/LB707_20250530-112910.pdf
von Gillern AM1642 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM1642.pdf
Fiscal Note for LB707 https://nebraskalegislature.gov/FloorDocs/109/PDF/FN/LB707_20250528-154216.pdf
BillText https://nebraskalegislature.gov/FloorDocs/109/PDF/Engrossed/LB707.pdf
BillText https://nebraskalegislature.gov/FloorDocs/109/PDF/Final/LB707.pdf
Enrollment and Review ST44 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/ST44.pdf
Bostar AM1573 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM1573.pdf
von Gillern FA287 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/FA287.pdf
Quick AM1581 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM1581.pdf
von Gillern FA286 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/FA286.pdf
Holdcroft AM1599 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM1599.pdf
von Gillern AM1560 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM1560.pdf
Fiscal Note for LB707 https://nebraskalegislature.gov/FloorDocs/109/PDF/FN/LB707_20250519-105354.pdf
Enrollment and Review ER87 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/ER87.pdf
Revenue AM1336 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM1336.pdf
Analysis - Committee Statement https://nebraskalegislature.gov/FloorDocs/109/PDF/CS/LB707.pdf
von Gillern AM1282 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM1282.pdf
Fiscal Note for LB707 https://nebraskalegislature.gov/FloorDocs/109/PDF/FN/LB707_20250318-113727.pdf
Analysis - Statement of Intent https://nebraskalegislature.gov/FloorDocs/109/PDF/SI/LB707.pdf
von Gillern AM615 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM615.pdf
BillText https://nebraskalegislature.gov/FloorDocs/109/PDF/Intro/LB707.pdf
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