This legislative bill amends various sections of the Nebraska Revised Statutes to adjust the sales tax rate and enhance the framework for the Good Life Transformational Projects Act and the Good Life District Economic Development Act. It establishes a sales tax rate of five and one-half percent, with a reduced rate of two and three-quarters percent applicable to transactions within designated good life districts until July 1, 2025. The bill outlines conditions for implementing this reduced rate, including a requirement for cities or villages to impose a sales or occupation tax of at least two and three-quarters percent. Additionally, it sets eligibility criteria for projects in good life districts, including investment thresholds and job creation requirements, and provides a process for adjusting district boundaries and establishing development standards.

The bill also introduces amendments regarding the management of good life districts, allowing property owners, cities, or villages ninety days 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 upon assumption. It prohibits the termination of a good life district within three years of its establishment and modifies the process for cities to create economic development programs, requiring a majority vote from registered voters. The bill ensures that even with majority approval, cities or villages cannot use eminent domain for private property acquisition within the district. Certain sections of the Revised Statutes are repealed, and the bill takes effect immediately upon passage.

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