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 to the current year. Additionally, the bill modifies the credit percentage calculation for eligible taxpayers, allowing for an increase based on the allowable growth percentage for taxable years beginning in 2024.

Furthermore, the bill specifies that for taxable years starting in 2024, the total amount of credits will be the maximum allowed in the previous year, adjusted by the allowable growth percentage. It also clarifies the process for corporations and other entities to claim the refundable credit for school district taxes paid. The original sections of the law being amended are repealed, and the bill is set to take effect immediately upon passage due to the declaration of an emergency.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