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 modifies the imposition and regulation of occupation taxes by cities and villages, allowing them to levy and collect these taxes on businesses within their jurisdictions, provided they are uniformly applied. It specifies that no occupation tax can be imposed on transactions already subject to existing taxes or those exempt from taxation, while also streamlining the process by removing previous language regarding the imposition of such taxes. New requirements mandate municipalities that impose or increase occupation taxes to submit an annual report detailing the collection and allocation of these taxes. The bill also revises the School District Property Tax Relief Act to establish a structured increase in relief amounts and adjust property tax credit calculations, with the act taking effect immediately upon passage.

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