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, while ensuring that sensitive data regarding individual businesses remains 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 and taxpayer information, which can be shared among municipal employees for tax verification and allocation purposes, while emphasizing the importance of taxpayer privacy and establishing penalties for unauthorized disclosures.

Additionally, the bill introduces new provisions regarding the handling of personally identifiable information, granting individuals the right to access and correct their information held by the state. It requires timely notification to individuals when third parties request their information and clarifies that the Attorney General will enforce these privacy policies. The bill also modifies tax incentive procedures under various acts, requiring businesses to provide municipalities with annual aggregate data on potential refunds and ensuring that refund amounts do not count towards budget limitations. It establishes a tiered tax credit system based on employment and investment levels, along with property tax exemptions for certain personal property related to qualifying projects, while repealing outdated provisions from the previous statutes.

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