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. Notably, it removes the cap on total annual incentive payments, which was previously limited to five million dollars or the amount appropriated by the Legislature. The bill 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 aligned with the Nitrogen Reduction Incentive Cash Fund.

Additionally, the bill establishes a subaccount within the Nitrogen Reduction Incentive Cash Fund to track grant money received from the Nebraska Environmental Trust Fund, including interest earnings. The termination date for the Nitrogen Reduction Incentive Act is extended to December 31, 2030. The original sections of the law being amended are repealed, and the act is set to take effect immediately upon passage and approval due to the declaration of an emergency.

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