This bill amends section 76-902 of the Reissue Revised Statutes of Nebraska, specifically addressing exemptions from the documentary stamp tax. The bill introduces new provisions that clarify the exemptions applicable to deeds between family members, including spouses, ex-spouses, and parents and children, as well as transactions involving family-owned corporations, partnerships, or limited liability companies. Notably, it specifies that step relationships are to be treated the same as blood relationships when determining family members for these exemptions. Additionally, the bill clarifies that the exemptions apply to deeds transferring property to wholly owned corporations or limited liability companies under certain conditions.

The bill also repeals the original section 76-902, thereby consolidating the updated language and provisions into a single, revised statute. The changes aim to streamline the process and provide clearer guidelines regarding the exemptions from the documentary stamp tax, ensuring that family transactions and transfers involving family-owned entities are adequately addressed.

Statutes affected:
Introduced: 76-902
Final Reading: 76-902
Slip Law: 76-902