This bill amends various sections of the Nebraska Revised Statutes to adjust the sales tax rate and provisions related to the Good Life Transformational Projects Act and the Good Life District Economic Development Act. The sales tax rate will remain at five and one-half percent until July 1, 2024, with a reduced rate of two and three-quarters percent applicable to transactions within designated good life districts. The bill extends this reduced sales tax rate until July 1, 2025, and establishes conditions for its application, including the requirement for cities or villages to impose a corresponding sales or occupation tax. Additionally, it sets eligibility criteria for projects within good life districts, including minimum investment thresholds and job creation requirements, while detailing the process for adjusting district boundaries and termination conditions.

The bill also introduces amendments regarding the management of good life districts, allowing property owners, cities, or villages a ninety-day period to assume the role of a good life district applicant after receiving notice from the department, with an extension of measurement thresholds by 275 days if they do so. It stipulates that a good life district cannot be terminated within three years of its establishment and outlines the process for cities to create a good life district economic development program, which requires majority approval from registered voters. Importantly, even with voter approval, the bill prohibits the use of eminent domain for private development within the good life district. The bill is set to take effect immediately upon passage and approval.

Statutes affected:
Introduced: 77-2701.02, 77-4405, 77-4406, 77-4411