This bill seeks to amend the Nebraska Revised Statutes to reinstate exemptions under the Personal Property Tax Relief Act and align related provisions. Key amendments include the reinstatement of personal property tax exemptions for tax years following 2024, allowing property owners to receive specified exemption amounts as outlined in the Act. The bill also introduces a compensating exemption factor for state-valued property, ensuring that property owners benefit from tax relief. Additionally, it exempts broadband equipment deployed in designated areas from personal property tax, contingent upon meeting specific funding and service speed criteria.

Furthermore, the bill addresses the reporting and taxation of tangible personal property for railroads, car line companies, public service entities, and air carriers. It establishes that failure to report tangible personal property will result in the loss of exemptions for that property. The Property Tax Administrator is tasked with applying a compensating exemption factor to the valuation of tangible personal property owned by these entities for tax years after 2024. The bill also outlines a reimbursement process for taxing subdivisions affected by these exemptions, requiring county assessors and treasurers to certify lost tax revenue to the Tax Commissioner for reimbursement distribution. Several original sections related to these provisions are repealed to streamline the legal framework governing personal property taxation.

Statutes affected:
Introduced: 77-202, 77-693, 77-801, 77-1238, 77-1239, 77-1248, 77-1514