The bill, signed into law on May 6, establishes the Community Development Assistance Act in Nebraska, which aims to support areas of chronic economic distress by allowing community betterment organizations to apply for tax credits for contributions to community assistance programs. The act defines key terms and sets a cap of $350,000 on the total tax credits granted each fiscal year. Additionally, the bill amends various sections of the Nebraska Revised Statutes, addressing issues such as land banks, tax exemptions for disabled veterans, and the procedures for property tax sales, while also repealing outdated provisions to streamline the legislative framework.

Moreover, the bill introduces several amendments to enhance tax credit programs, including refundable credits for individuals under specific acts and a new credit for parents of stillborn children. It modifies the Nebraska Advantage Rural Development Act to limit the total amount of credits for certain projects and adjusts criteria for tax credits related to employment and investment in rural areas. The legislation also mandates annual property tax disbursements to counties, which will be credited against property taxes owed to school districts, and expands the scope of tax credit initiatives to include the Community Development Assistance Act. The act is set to become operative on January 1, 2026, for most sections, with some provisions taking effect sooner due to an emergency declaration.

Statutes affected:
Introduced: 13-3106, 77-908, 77-2701.04, 77-2701.16, 77-2703, 77-2704.36, 77-2708, 77-2715.07, 77-2716, 77-2717, 77-2733, 77-2734.03, 77-3109, 77-3110, 77-3111, 77-3120, 77-3125, 77-3126, 77-3136, 77-3143, 77-3152, 77-3169, 77-3806, 77-4405, 77-6605, 77-6607, 77-6610, 77-6919, 77-7012
Final Reading: 18-3417, 77-202.23, 77-202.24, 77-908, 77-1632, 77-1633, 77-1802, 77-1804, 77-1806, 77-1807, 77-1815, 77-1816, 77-1818, 77-1819, 77-1823, 77-1825, 77-1829, 77-1831, 77-1832, 77-1833, 77-1836, 77-1837, 77-1838, 77-1856, 77-1902, 77-1909, 77-2701.16, 77-2703, 77-2706.02, 77-2708, 77-2711, 77-2715.07, 77-2734.03, 77-3110, 77-3120, 77-3126, 77-3136, 77-3169, 77-3806, 77-4602, 77-6605, 77-6919, 77-7012, 77-7304, 77-7305, 81-1201.12
Slip Law: 18-3417, 77-202.23, 77-202.24, 77-908, 77-1632, 77-1633, 77-1802, 77-1804, 77-1806, 77-1807, 77-1815, 77-1816, 77-1818, 77-1819, 77-1823, 77-1825, 77-1829, 77-1831, 77-1832, 77-1833, 77-1836, 77-1837, 77-1838, 77-1856, 77-1902, 77-1909, 77-2701.16, 77-2703, 77-2706.02, 77-2708, 77-2711, 77-2715.07, 77-2734.03, 77-3110, 77-3120, 77-3126, 77-3136, 77-3169, 77-3806, 77-4602, 77-6605, 77-6919, 77-7012, 77-7304, 77-7305, 81-1201.12