The proposed bill introduces the Property Tax Circuit Breaker Act, which aims to provide tax relief to qualifying taxpayers in Nebraska. Under this act, individuals who own or rent their principal residence and meet certain criteria will be eligible for a refundable income tax credit if their property taxes or rent exceed a specified threshold based on their federal adjusted gross income. The act defines key terms such as "qualifying taxpayer," "senior taxpayer," and "threshold amount," and establishes the process for applying for the credit, which includes submitting relevant documentation to the Department of Revenue.

Additionally, the bill amends section 77-2715.07 of the Revised Statutes to include the Property Tax Circuit Breaker Act among the refundable credits available against the income tax imposed by the Nebraska Revenue Act of 1967. The act specifies that the maximum credit for qualifying taxpayers is capped at $4,000, while senior taxpayers can receive up to $5,000. The bill also allows the Department of Revenue to adopt rules and regulations to implement the provisions of the Property Tax Circuit Breaker Act, and it repeals the original section 77-2715.07 to harmonize the new provisions with existing law.

Statutes affected:
Introduced: 77-2715.07