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 taxes, and the repeal of certain provisions. A significant change includes the annual distribution of $5 million from the Securities Act Cash Fund to counties based on population, effective July 1, 2025. The bill also increases the marriage license fee from $25 to $40 and establishes a new fee structure for identification inspections. Additionally, it modifies the motor vehicle tax distribution percentages and raises the documentary stamp tax rate from $2.25 to $2.75 per $1,000 of value. The bill aims to ensure effective allocation of revenue to support local governments and services.

Moreover, the bill introduces a tiered tax credit system for taxpayers making substantial investments in qualified property and creating new jobs, with credits based on investment amounts and the number of new employees hired. It clarifies the criteria for qualifying for sales and use tax incentives, removing previous requirements related to cumulative investment and hiring conditions. The bill also establishes the Site and Building Development Fund to support the development of large commercial and industrial sites in Nebraska. Additionally, it repeals 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