The bill introduces significant amendments to Nebraska's revenue and taxation laws, including the establishment of the Recreational Trail Easement Property Tax Exemption Act and the Adoption Tax Credit Act. The Recreational Trail Easement Property Tax Exemption Act aims to encourage public health and environmental conservation by providing property tax exemptions for land with perpetual recreational trail easements, applicable to municipalities, counties, accredited land trusts, and nonprofit organizations. The Adoption Tax Credit Act offers a refundable income tax credit for taxpayers eligible for the federal adoption expenses tax credit, effective for taxable years starting January 1, 2026. The bill also revises various statutes related to property tax request authority, municipal occupation taxes, and the responsibilities of county assessors, aiming to streamline tax processes and enhance clarity in revenue management.

Additionally, the bill amends existing laws concerning the Nebraska educational savings plan trust, replacing "College Savings Plan" with "Education Savings Plan" and expanding the scope of qualified expenses to include payments for education loans and K-12 expenses until 2029. It establishes the Education Savings Plan Expense Fund and the College Savings Incentive Cash Fund to support incentive payments for employer contributions and low-income scholarships. The bill also introduces the Meadowlark Program to promote access to postsecondary education, outlining eligibility criteria based on household income. Overall, these amendments aim to provide financial relief, enhance educational funding options, and clarify tax obligations for various groups in Nebraska.

Statutes affected:
Introduced: 77-120
Final Reading: 13-518, 13-3103, 13-3106, 13-3402, 13-3403, 13-3405, 13-3406, 14-109, 15-202, 15-203, 16-205, 17-525, 18-1208, 68-1201, 72-1239.01, 76-214, 77-202, 77-202.01, 77-202.03, 77-202.05, 77-1613, 77-1631, 77-1701, 77-2715.07, 77-2716, 77-2727, 77-2734.01, 77-2776, 77-7305, 85-1801, 85-1802, 85-1804, 85-1805, 85-1806, 85-1807, 85-1808, 85-1809, 85-1810, 85-1811, 85-1812, 85-1813, 85-1814, 85-1815, 85-1816, 85-1817, 85-2802, 85-2803, 85-2804
Slip Law: 13-518, 13-3103, 13-3106, 13-3402, 13-3403, 13-3405, 13-3406, 14-109, 15-202, 15-203, 16-205, 17-525, 18-1208, 68-1201, 72-1239.01, 76-214, 77-202, 77-202.01, 77-202.03, 77-202.05, 77-1613, 77-1631, 77-1701, 77-2715.07, 77-2716, 77-2727, 77-2734.01, 77-2776, 77-7305, 85-1801, 85-1802, 85-1804, 85-1805, 85-1806, 85-1807, 85-1808, 85-1809, 85-1810, 85-1811, 85-1812, 85-1813, 85-1814, 85-1815, 85-1816, 85-1817, 85-2802, 85-2803, 85-2804