This legislative bill amends various sections of Nebraska's revenue and taxation laws, with a focus on enhancing the distribution of funds to counties, adjusting fees and taxes related to motor vehicles, and revising the documentary stamp tax. Key provisions include the annual distribution of five million dollars from the Securities Act Cash Fund to counties based on population starting July 1, 2025, and an increase in fees for marriage licenses and identification inspections. The bill also modifies the motor vehicle tax distribution to allocate a higher percentage to counties and local school systems, and it raises the tax rate on real estate transfers from twenty-five cents to seventy-five cents per one thousand dollars of value. Additionally, it directs a portion of the documentary stamp tax to the Affordable Housing Trust Fund.

Further amendments streamline tax incentive processes by clarifying criteria for new employees and adjusting thresholds for cumulative investments and employee hiring requirements. The bill removes the previous requirement for a cumulative investment of at least fifty million dollars and hiring at least fifty new employees, while updating compensation criteria for new employees. It also establishes various credit percentages for investments under the ImagiNE Nebraska Act, modifies property tax exemption requirements, and outlines a recapture process for incentives. The bill aims to bolster economic development through a study to identify investment levels and the establishment of the Site and Building Development Fund, while also repealing several existing sections of the Nebraska Revised Statutes. The act is set to take effect immediately upon passage and approval, with certain provisions operative on July 1, 2025.

Statutes affected:
Introduced: 8-1120, 33-110, 60-158, 76-901, 76-903, 77-684, 77-912, 77-1327, 77-1720, 77-1804, 77-2005, 77-2006, 77-6203, 77-6815, 77-6831, 77-6833