The proposed bill introduces the Legislative Sunset Review Act, which aims to establish a systematic process for reviewing state entities created by the Legislature. It creates the Legislative Sunset Review Committee, responsible for evaluating these entities and recommending whether they should be continued, modified, or terminated. The committee will consist of key legislative leaders and will begin its reviews in 2027, with each entity scheduled for review every five years. The bill outlines the requirements for reviewable entities to submit performance reports and mandates the committee to conduct comprehensive reviews, including public hearings and assessments of efficiency and effectiveness.

Additionally, the bill eliminates the Legislature's Planning Committee and repeals several obsolete provisions from the Reissue Revised Statutes of Nebraska. It specifies that any unspent appropriations from terminated entities will revert to the General Fund, and it ensures that the termination of an entity does not affect any pre-existing rights or obligations. The act is set to become operative on January 1, 2026, streamlining the legislative process and enhancing accountability for state entities.