The bill amends the Revised Statutes Cumulative Supplement, 2024, to enhance the disclosure of tax information to municipalities that have adopted the local option sales tax. It permits the Tax Commissioner to provide these municipalities with a list of retailers who have collected the tax, along with any additional requested information, while ensuring that sensitive details about individual businesses remain confidential. Municipalities can request this information up to three times a year, and the Tax Commissioner is obligated to comply. The bill also allows municipalities to access confidential sales and use tax returns, which must be reviewed by a certified individual who is prohibited from disclosing the information except for specific verification purposes. It emphasizes the protection of taxpayer confidentiality and establishes penalties for unauthorized disclosures.

Additionally, the bill modifies existing laws related to the handling of personally identifiable information and tax collection by municipalities, granting individuals the right to access and correct their information held by the state. It introduces a new requirement for businesses to provide municipalities with annual aggregate data on tax refunds they are eligible to receive, while ensuring that these amounts do not count toward budget limitations. The legislation also establishes a tiered tax credit system for qualifying projects based on employment and investment levels, with credits ranging from three to ten percent depending on average wages and project tiers. Furthermore, it outlines the process for claiming property tax exemptions for specific properties related to these projects and mandates adjustments to investment thresholds based on inflation, ensuring the tax credit and exemption framework remains relevant.

Statutes affected:
Introduced: 77-2711, 77-5725
Final Reading: 77-2711, 77-5725
Slip Law: 77-2711, 77-5725