This bill amends various sections of the Nebraska Revised Statutes to enhance regulations surrounding revenue and taxation, particularly in relation to property tax request authority and municipal occupation taxes. Key updates include a redefinition of "allowable growth" to include factors such as improvements to real property and changes in property use. The bill also introduces provisions that enable political subdivisions to increase their property tax request authority based on specific criteria, including budgeted amounts for public safety services and substance abuse prevention. Additionally, it allows for the carryover of unused property tax request authority to future budget years, capped at five percent of the previous year's total, and permits the conversion of accumulated unused restricted funds into unused property tax request authority starting from fiscal years after July 1, 2025.

Moreover, the bill addresses the imposition and regulation of occupation taxes by cities and villages, allowing them to levy such taxes on businesses within their jurisdictions, provided they are uniformly applied and do not overlap with existing taxes. It mandates municipalities that impose new occupation taxes or increase existing rates to submit an annual report detailing the collection and use of these taxes. The bill also modifies the School District Property Tax Relief Act, establishing a structured increase in relief amounts over the coming years, starting at $750 million in 2024. It specifies the application of property tax credits against school district taxes and outlines the calculation method for these credits, along with provisions for fund disbursement to counties. The act is set to take effect immediately upon passage and approval.

Statutes affected:
Introduced: 13-518, 13-3403, 13-3404, 13-3405, 13-3406, 14-109, 15-202, 15-203, 16-205, 17-525, 18-1208, 77-1701, 77-7305