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 existing exemptions, particularly regarding property transfers between family members and entities. Notably, it specifies that deeds between spouses, ex-spouses, and parents and children, as well as transfers to family-owned corporations or limited liability companies, are exempt from the tax. The bill also emphasizes 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, such as when the grantor is the same person as the single owner or when the grantors are spouses. The original section 76-902 is repealed, and the new language aims to streamline the understanding and application of these exemptions in property transactions.

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