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 for tax years beginning in 2024, allowing it to be based on the maximum amount of credits from the prior year, increased by the allowable growth percentage.

Furthermore, the bill specifies that for taxable years beginning or deemed to begin on or after January 1, 2021, and before January 1, 2025, eligible taxpayers can claim a refundable credit against income or franchise taxes based on the school district taxes they paid. The bill also includes provisions for corporations and partnerships regarding the allocation of school district taxes paid. The original sections of the law being amended are repealed, and the act is set to take effect immediately upon passage due to the declaration of an emergency.

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