This bill amends Nebraska's revenue and taxation laws by introducing a new refundable income tax credit for renters, effective for taxable years beginning on or after January 1, 2025. The credit will benefit individuals renting residential units as their primary residence, calculated as the greater of four percent of total rent paid during the taxable year or two hundred dollars, with a maximum limit of one thousand dollars. This initiative aims to provide financial relief to renters in Nebraska.

Additionally, the bill modifies the Property Tax Credit Act by removing specified minimum relief amounts for tax years 2025 through 2029 and establishing a new minimum relief amount of two hundred million dollars for tax year 2030 and beyond. It also introduces a new definition for "credit allocation valuation," affecting the taxable value of real property, and mandates the State Treasurer to transfer specific amounts from the General Fund to the Property Tax Credit Cash Fund. The bill includes various technical amendments for clarity and alignment with the new measures and repeals original sections 77-2715.07 and 77-4212 from the Revised Statutes Cumulative Supplement, 2024.

Statutes affected:
Introduced: 77-2715.07, 77-4212