This bill seeks to amend the Nebraska Revised Statutes to reinstate exemptions under the Personal Property Tax Relief Act and align related provisions. It reinstates exemptions for personal property taxes for tax years after 2024, allowing property owners to receive specified exemption amounts. Additionally, the bill introduces a compensating exemption factor for state-valued property, ensuring tax relief benefits for property owners. It also exempts broadband equipment deployed in certain areas from personal property tax, contingent on meeting specific funding and service speed criteria. The Property Tax Administrator is granted authority to adjust the taxable value of railroad and car line properties if their values exceed those of comparable commercial and industrial properties by more than five percent.

Moreover, the bill amends sections of the Revised Statutes Cumulative Supplement, 2024, focusing on tangible personal property taxation and the reimbursement process for lost tax revenue due to exemptions. It establishes that failure to report tangible personal property will result in the forfeiture of exemptions. For tax years after 2024, the Property Tax Administrator will reduce the value of tangible personal property owned by specific entities, such as railroads and air carriers, using a compensating exemption factor. The bill also outlines a reimbursement process for taxing subdivisions affected by revenue loss from personal property tax exemptions, requiring county assessors and treasurers to certify lost tax revenue to the Tax Commissioner for reimbursement. Overall, the bill aims to streamline assessment and reimbursement processes while ensuring compliance with new reporting requirements.

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