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Bill > LB650

NE LB650

NE LB650
Adopt the Community Development Assistance Act and change provisions relating to land banks, property tax exemptions, real property sold for delinquent taxes, sales tax provisions, and certain tax credits

summary

Introduced
01/22/2025
In Committee
01/24/2025
Crossed Over
04/11/2025
Passed
04/30/2025
Dead
Signed/Enacted/Adopted
05/06/2025

Introduced Session

109th Legislature

Bill Summary

A BILL FOR AN ACT relating to revenue and taxation; to amend sections 18-3417, 60-3,185, 77-202.23, 77-202.24, 77-1804, 77-1806, 77-1815, 77-1816, 77-1819, 77-1823, 77-1825, 77-1829, 77-1836, 77-1856, 77-1902, 77-1909, and 81-1201.12, Reissue Revised Statutes of Nebraska, and sections 77-908, 77-1632, 77-1633, 77-1802, 77-1807, 77-1818, 77-1831, 77-1832, 77-1833, 77-1837, 77-1838, 77-2701.16, 77-2703, 77-2706.02, 77-2708, 77-2711, 77-2715.07, 77-2734.03, 77-27,187.02, 77-27,188, 77-27,241, 77-3110, 77-3120, 77-3126, 77-3136, 77-3169, 77-3806, 77-4602, 77-6605, 77-6919, 77-7012, 77-7304, and 77-7305, Revised Statutes Cumulative Supplement, 2024; to adopt the Community Development Assistance Act; to change provisions relating to land banks; to change a motor vehicle tax exemption and a property tax exemption relating to certain disabled veterans; to change provisions relating to community colleges; to change provisions relating to real property sold for delinquent taxes and certain tax- related foreclosure actions; to change provisions relating to a sales tax exemption for the lease or use of certain towers; to change sales tax collection fees; to change provisions relating to purchasing agents; to provide for an audit by the Auditor of Public Accounts for suspected tax reporting irregularities or discrepancies; to create an exception to the disclosure of confidential tax information by municipalities; to change provisions relating to the Nebraska Advantage Rural Development Act, a food donation tax credit, the Relocation Incentive Act, the Creating High Impact Economic Futures Act, the Cast and Crew Nebraska Act, the Nebraska Shortline Rail Modernization Act, the Reverse Osmosis System Tax Credit Act, certain transfers of General Fund net receipts, the Renewable Chemical Production Tax Credit Act, the Urban Redevelopment Act, the Nebraska Biodiesel Tax Credit Act, and the School District Property Tax Relief Act; to harmonize provisions; to provide operative dates; to repeal the original sections; and to declare an emergency.

AI Summary

This bill adopts the Community Development Assistance Act and makes several changes to various tax and revenue-related provisions in Nebraska. The Community Development Assistance Act creates a tax credit program designed to encourage businesses and individuals to contribute to community development efforts in areas experiencing economic distress. Under this program, businesses and individuals can receive tax credits of up to 40% for contributions to certified community betterment programs that provide services like employment training, human services, medical services, and crime prevention in designated community development areas. The total amount of tax credits allowed under this program is limited to $350,000 per fiscal year. The bill also makes numerous modifications to existing tax credit programs, including adjusting credit limits and expiration dates for various incentive programs related to rural development, film production, shortline rail modernization, and other economic development initiatives. Additionally, the bill makes technical changes to property tax sales procedures, sales tax collection, and other tax-related administrative processes. The bill includes provisions that will become operative at different times, with some sections taking effect immediately and others becoming operative in 2026 or later. The legislation aims to provide targeted economic support and incentives for community and business development in Nebraska.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Provisions/portions of LB547 amended into LB650 by AM923 (on 06/06/2025)

bill text

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bill summary

Document Type Source Location
State Bill Page https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59281
BillText https://nebraskalegislature.gov/FloorDocs/109/PDF/Slip/LB650.pdf
BillText https://nebraskalegislature.gov/FloorDocs/109/PDF/Engrossed/LB650.pdf
BillText https://nebraskalegislature.gov/FloorDocs/109/PDF/Final/LB650.pdf
Fiscal Note for LB650 https://nebraskalegislature.gov/FloorDocs/109/PDF/FN/LB650_20250429-103322.pdf
Cavanaugh, J. FA131 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/FA131.pdf
McKinney AM1155 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM1155.pdf
Hallstrom AM1123 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM1123.pdf
Hallstrom AM1066 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM1066.pdf
Hallstrom AM1089 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM1089.pdf
von Gillern AM1132 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM1132.pdf
von Gillern AM1118 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM1118.pdf
Enrollment and Review ER45 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/ER45.pdf
Fiscal Note for LB650 https://nebraskalegislature.gov/FloorDocs/109/PDF/FN/LB650_20250416-113806.pdf
von Gillern AM1020 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM1020.pdf
von Gillern MO162 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/MO162.pdf
von Gillern MO161 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/MO161.pdf
von Gillern MO160 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/MO160.pdf
von Gillern AM981 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM981.pdf
Revenue AM923 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM923.pdf
Analysis - Committee Statement https://nebraskalegislature.gov/FloorDocs/109/PDF/CS/LB650.pdf
von Gillern FA85 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/FA85.pdf
von Gillern FA84 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/FA84.pdf
von Gillern MO157 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/MO157.pdf
von Gillern MO156 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/MO156.pdf
von Gillern MO155 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/MO155.pdf
von Gillern MO154 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/MO154.pdf
von Gillern MO153 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/MO153.pdf
Fiscal Note for LB650 https://nebraskalegislature.gov/FloorDocs/109/PDF/FN/LB650_20250318-113656.pdf
Analysis - Statement of Intent https://nebraskalegislature.gov/FloorDocs/109/PDF/SI/LB650.pdf
von Gillern AM690 https://nebraskalegislature.gov/FloorDocs/109/PDF/AM/AM690.pdf
BillText https://nebraskalegislature.gov/FloorDocs/109/PDF/Intro/LB650.pdf
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