This bill amends section 77-6204 of the Reissue Revised Statutes of Nebraska to modify the distribution of revenue from the nameplate capacity tax. The new provisions specify that the county treasurer must distribute all revenue received from the Department of Revenue as follows: five percent of the revenue will go to the community college area where the renewable energy generation facility is located, while the remainder will be allocated to local taxing entities that would have received personal property tax revenue from depreciable personal property used in electricity generation from renewable sources such as wind, solar, biomass, or landfill gas.

Additionally, the bill clarifies that a local taxing entity's eligibility for revenue distribution will not be affected if the net book value of the relevant personal property becomes zero, but will be impacted if all exempt depreciable personal property is disposed of. The calculation for distribution to each eligible local taxing entity is also detailed, ensuring that the distribution is based on the proportion of taxes levied by each entity relative to the total levied by all eligible entities. The bill also stipulates that the Department of Revenue cannot retain any revenue collected for allocation to the General Fund. The original section 77-6204 is repealed as part of this legislative update.

Statutes affected:
Introduced: 77-6204
Final Reading: 77-6204
Slip Law: 77-6204