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 provides property tax exemptions for landowners who grant perpetual recreational trail easements to eligible holders such as municipalities and nonprofit organizations, with specific criteria for public access and connectivity. The Adoption Tax Credit Act offers a refundable income tax credit for taxpayers eligible for federal adoption expenses, effective for taxable years beginning on or after January 1, 2026. The bill also includes various amendments to existing statutes, such as redefining terms related to budget limitations and property tax growth, streamlining the taxation process, and eliminating obsolete provisions.

Additionally, the bill modifies existing laws regarding occupation taxes, requiring municipalities to report on the collection and use of these taxes while exempting certain taxes related to voter-approved projects. It updates eligibility criteria for assistance programs, clarifies the application process for property tax exemptions, and introduces new provisions for educational savings plans, including the Education Savings Plan Expense Fund and the Employer Matching Contribution Incentive Program. Notably, the bill allows for the exclusion of military retirement income from state income tax and establishes a refundable credit for parents of stillborn children. Overall, the legislation aims to enhance public access to recreational areas, support families through adoption incentives, and improve the educational savings framework while ensuring compliance with federal tax 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