This bill amends the Nebraska Property Tax Incentive Act by redefining certain terms and adjusting provisions related to tax credits for school district taxes paid. Notably, it introduces a new definition for "allowable growth percentage," which refers to the percentage increase in the total assessed value of all real property in the state from the previous year. The bill also modifies the credit percentage for eligible taxpayers, establishing specific amounts for taxable years 2022 and 2023, while allowing for an increase in the credit amount for 2024 based on the allowable growth percentage.

Additionally, the bill clarifies the eligibility criteria for taxpayers, including individuals, corporations, partnerships, and other entities that pay school district taxes. It specifies that the refundable credit can be claimed by various entities, including those with subchapter S elections, and outlines the process for allocating school district taxes paid. The original sections of the law are repealed, and the bill is set to take effect immediately upon passage due to the declaration of an emergency.

Statutes affected:
Introduced: 77-6702, 77-6703