This 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. Specifically, it removes the cap on total annual incentive payments, which was previously set at five million dollars or the amount appropriated by the Legislature. The bill also introduces new provisions requiring 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, with the funds intended to support projects consistent with the Nitrogen Reduction Incentive Cash Fund.

Additionally, the bill extends the termination date of the Nitrogen Reduction Incentive Act from December 31, 2029, to December 31, 2030. It establishes a subaccount within the Nitrogen Reduction Incentive Cash Fund to account for any grant money received from the Nebraska Environmental Trust Fund, and mandates that interest earnings from this subaccount be transferred to the Nebraska Environmental Trust Fund. The act is set to take effect immediately upon passage and approval, citing an emergency.

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