The proposed bill amends the Nitrogen Reduction Incentive Act by eliminating provisions related to incentive payments and legislative intent, while also modifying the Nitrogen Reduction Incentive Cash Fund. Notably, the bill removes the cap on annual incentive payments, which previously limited them to the lesser of five million dollars or the amount appropriated by the Legislature. Additionally, it establishes a new requirement for the Department of Natural Resources to apply for a grant of twenty-five million dollars from the Nebraska Environmental Trust Fund, to be distributed in five annual installments of five million dollars, aimed at supporting projects consistent with the fund's purposes.

Furthermore, the bill extends the termination date of the Nitrogen Reduction Incentive Act from December 31, 2029, to December 31, 2030. It also mandates the creation of a subaccount within the Nitrogen Reduction Incentive Cash Fund to track funds received from the Nebraska Environmental Trust Fund grant, including interest earnings. The act is set to take effect immediately upon passage and approval, reflecting the urgency of its provisions.

Statutes affected:
Introduced: 2-414, 2-416, 2-417