This bill amends section 76-902 of the Reissue Revised Statutes of Nebraska, specifically addressing exemptions from the documentary stamp tax. The bill introduces a new exemption for certain deeds between family members, including spouses, ex-spouses, and parents and children, as well as deeds to or from 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 property must be transferred in the name of the corporation or partnership rather than individual shareholders or members to qualify for the exemption.

Furthermore, the bill clarifies that the exemptions also apply to deeds transferring property to a wholly-owned corporation or limited liability company under specific conditions, such as when the grantor is the same person as the single owner or when the grantors are spouses or family members. The original section 76-902 is repealed, consolidating the updated provisions into the amended statute.

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