This bill amends section 77-2715.07 of the Revised Statutes Cumulative Supplement, 2024, to eliminate the sunset date for a nonrefundable income tax credit related to the purchase of certain residential properties. Specifically, it removes the provision that limited the availability of this credit to taxable years beginning before January 1, 2026. The credit is available to individuals who purchase a residence in an extremely blighted area, provided that the residence is their primary home and not purchased from a family member. The amount of the credit is set at five thousand dollars, and it can be carried forward to subsequent years if not fully utilized.

Additionally, the bill includes various provisions for other tax credits available to individuals, such as credits for federal tax credits, contributions to certified programs, and specific credits for beginning farmers and livestock producers. The original section 77-2715.07 is repealed, consolidating the changes into the updated statute. Overall, the bill aims to enhance tax relief for residents purchasing homes in designated areas while maintaining a range of other tax credits for various qualifying individuals and activities.

Statutes affected:
Introduced: 77-2715.07