This legislative bill amends various sections of Nebraska's statutes to modernize provisions related to census data, particularly concerning development districts and the Convention Center Facility Financing Assistance Act. Key updates include the redefinition of terms under the Community Development Law and the ImagiNE Nebraska Act, with a focus on using the latest federal decennial census or, if unavailable, data determined by the Department of Economic Development for funding allocations. The bill also introduces a requirement for areas with high poverty concentrations to create development funds and committees to oversee project funding and community engagement. Additionally, it repeals outdated references to census data, replacing them with the American Community Survey 5-Year Estimate to enhance data utilization in state assistance programs.

Furthermore, the bill modifies tax incentive provisions to support businesses that meet specific investment and employment criteria, including the exclusion of wages exceeding one million dollars from tax credit calculations. It establishes new definitions for terms related to redevelopment projects and outlines the criteria for taxpayers to qualify for sales and use tax incentives. The legislation aims to stimulate economic growth by encouraging investment in redevelopment areas, particularly in rural communities and regions facing high unemployment or blighted conditions. The bill will become operative on July 1, 2025, and includes a provision for immediate effect due to an emergency, while also repealing several original sections of the Revised Statutes of Nebraska.

Statutes affected:
Introduced: 13-1906, 13-2610, 18-2103, 77-6831, 77-6906, 81-1203
Final Reading: 13-1906, 13-2610, 18-2103, 77-6831, 77-6906, 81-1203
Slip Law: 13-1906, 13-2610, 18-2103, 77-6831, 77-6906, 81-1203