This bill amends section 77-120 of the Reissue Revised Statutes of Nebraska, which pertains to the calculation of net book value for property taxation. The key change involves the adjustment of the net book value percentage for the 19th year of the recovery period, where the percentage is updated from 6.69% to 6.68%. The bill maintains the existing structure for determining the applicable recovery periods for various classes of property, which range from three-year to twenty-year classifications based on their class life.

The bill also establishes an operative date of January 1, 2026, for these changes to take effect. Additionally, it includes a provision to repeal the original section 77-120, thereby ensuring that the updated language and calculations are the only ones in effect moving forward.

Statutes affected:
Introduced: 77-120