This legislative 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 provides property tax exemptions for land with perpetual recreational trail easements held by municipalities, counties, accredited land trusts, and nonprofit organizations. The Adoption Tax Credit Act allows eligible taxpayers to receive a refundable credit against their Nebraska income tax, equal to ten percent of the federal adoption expenses tax credit. The bill also updates various sections of existing law, including property tax growth limitations, municipal occupation taxes, and the responsibilities of county assessors, while introducing new terms such as "growth value" and "inflation percentage" to clarify property tax calculations.

Additionally, the bill amends existing laws regarding occupation taxes, requiring municipalities to report on the collection and use of these taxes. It expands eligibility for property tax exemptions to include buildings owned by charitable organizations providing approved student housing and introduces new exemptions for broadband equipment and personal property related to data centers. The bill also establishes a refundable income tax credit for parents of stillborn children and allows for the exclusion of military retirement income from state income tax. Furthermore, it modifies the Nebraska educational savings plan trust, expanding the scope of qualified expenses and creating new funds to support educational savings initiatives. Overall, the bill aims to streamline tax processes, enhance transparency, and provide financial relief to residents while ensuring compliance with updated regulations.

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