This bill amends section 77-2715.07 of the Revised Statutes Cumulative Supplement, 2024, to eliminate the sunset date for an income tax credit related to the purchase of certain residential properties. Specifically, it removes the provision that limited the nonrefundable credit of five thousand dollars for individuals purchasing a residence in an extremely blighted area to taxable years beginning before January 1, 2026. The credit is available to individuals who meet specific criteria, including that the residence must be their primary home and not purchased from a family member.

Additionally, the bill maintains various existing tax credits for qualified resident individuals, including credits for federal tax credits, taxes paid to other states, and specific programs such as the Beginning Farmer Tax Credit Act and the Angel Investment Tax Credit Act. The original section 77-2715.07 is repealed, consolidating the updated provisions into the amended section. Overall, the bill aims to provide ongoing support for homebuyers in designated areas by extending the availability of the tax credit.

Statutes affected:
Introduced: 77-2715.07