The bill amends the Revised Statutes Cumulative Supplement, 2024, to enhance the disclosure of tax information to municipalities that have adopted a 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, excluding specific revenue, expenses, or operational data of individual businesses. Municipalities can request this information up to three times a year, and the Tax Commissioner must comply. The bill also allows municipalities to access confidential sales and use tax returns, which must be prepared by the Department of Revenue within ten business days of a request from a certified municipal individual. Confidentiality is emphasized, with violations classified as a Class I misdemeanor.

Additionally, the bill modifies existing laws regarding the handling of personally identifiable information and tax refunds owed to municipalities. It establishes the right for individuals to access and correct their information held by the state and requires timely notification if a third party requests such information. The bill introduces a tiered tax credit system for qualifying businesses based on employment and investment levels, with credits ranging from three to ten percent. It also outlines conditions for property tax exemptions related to these projects and includes provisions for adjusting investment thresholds based on inflation. Certain outdated sections of the Revised Statutes Cumulative Supplement, 2024, are repealed to align with the new provisions.

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