This legislative bill amends various sections of the Nebraska Revised Statutes to address revenue and taxation issues, including the establishment of a sunset date for applications related to sports complexes and large public stadiums under the Sports Arena Facility Financing Assistance Act. It eliminates sales tax exemptions for towers providing Internet access services, net wrap, and twine, while modifying sales tax collection fees and revising provisions concerning nonresident income and food donation tax credits. The bill also proposes changes to tax credits under several economic development acts, repeals the Sustainable Aviation Fuel Tax Credit Act, and introduces new refundable and nonrefundable tax credits, including a $2,000 credit for parents of stillborn children and a nonrefundable credit for individuals purchasing residences in extremely blighted areas.

Additionally, the bill outlines new provisions for tax credits related to food donations and employer relocation expenses, while amending existing tax credit programs to streamline processes and adjust eligibility criteria. It specifies that no new applications for certain tax credits will be accepted after December 31, 2025, and introduces a new structure for refundable credits against taxes imposed by the Nebraska Revenue Act. The bill also modifies the approval limits for tax credits, allowing for a maximum of one million dollars in tax credits for the fiscal year 2024-25 and each subsequent fiscal year. Overall, the bill aims to enhance clarity and efficiency in Nebraska's tax code while providing targeted incentives for economic development and environmental improvements.

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