This bill amends section 76-902 of the Reissue Revised Statutes of Nebraska, which outlines exemptions from the documentary stamp tax. The bill introduces a new exemption for certain deeds between family members, specifically between spouses, ex-spouses, and parents and children, as well as deeds involving family-owned corporations, partnerships, or limited liability companies. The language clarifies that step relationships are treated the same as blood relationships when determining family members for these exemptions. Additionally, it specifies that the exemptions apply to transfers to wholly owned corporations or limited liability companies under certain conditions, such as when the grantor is the same person as the single owner or when the grantors are spouses.

The bill also repeals the original section 76-902, indicating a comprehensive update to the existing law. The changes aim to streamline the exemptions related to the documentary stamp tax, making it easier for family members to transfer property without incurring tax liabilities under specific circumstances. Overall, the bill seeks to provide clarity and facilitate property transfers within families while maintaining the integrity of the tax system.

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