This legislative bill amends various sections of Nebraska's revenue and taxation laws, focusing on the distribution of funds to counties, changes to fees, and adjustments to taxes related to motor vehicles, real estate, and inheritance. A significant provision is the introduction of an 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 fees for marriage licenses and identification inspections, increasing the fees for county clerks and sheriffs, with a legislative intent to review these fees every five years beginning in 2030. Additionally, it revises the motor vehicle tax distribution to allocate a higher percentage to counties and local school systems, changes the documentary stamp tax rate, and repeals outdated provisions to streamline tax administration.

Further amendments include a new tiered structure for inheritance taxes based on the date of death, adjustments to the nameplate capacity tax for renewable energy facilities, and the introduction of tax credits for significant investments in qualified property and job creation. The bill establishes a Site and Building Development Fund to support large commercial and industrial site development in Nebraska and mandates a study to identify state investment levels to attract major investments. It also repeals several existing sections of the Nebraska Revised Statutes, including specific provisions related to sales and use tax incentives, thereby updating the criteria for taxpayers to qualify for these incentives. 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