This legislative bill amends various sections of Nebraska's revenue and taxation laws, with a focus on the distribution of funds to counties, adjustments to fees, and changes to taxes related to motor vehicles, real estate, and inheritance. A significant provision is the annual distribution of five million dollars from the Securities Act Cash Fund to counties based on population, starting July 1, 2025. The bill also modifies marriage license and identification inspection fees, increasing costs for county clerks and sheriffs while establishing a review of these fees every five years beginning in 2030. Additionally, it revises the motor vehicle tax distribution and raises the documentary stamp tax rate for real estate transactions, while adjusting the allocation of collected taxes to various funds.

Further amendments include changes to inheritance tax rates and the introduction of a new tax structure for renewable energy generation facilities. The bill also revises the criteria for taxpayers to qualify for sales and use tax incentives, replacing previous requirements with new thresholds for investment and job creation. It establishes a tiered tax credit system for significant investments and job creation, while also creating the Site and Building Development Fund to support large commercial and industrial site development. The bill includes provisions for the repeal of several existing sections of the Nebraska Revised Statutes and 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