The bill, known as the Community Development Assistance Act, was approved by the Governor on May 6 and aims to support areas of chronic economic distress in Nebraska by allowing community betterment organizations to apply for tax credits for contributions to community assistance programs. It establishes definitions for key terms and outlines the certification and application process for tax credits, which are capped at $350,000 per fiscal year. The bill also amends various sections of the Nebraska Revised Statutes, including provisions related to land banks, motor vehicle tax exemptions for disabled veterans, and community colleges, while streamlining the legislative framework to promote economic development and community assistance.

Additionally, the bill introduces several amendments to existing tax laws, including changes to property tax regulations, the foreclosure process for tax liens, and the collection of sales and use taxes. It specifies new requirements for public hearings on property tax increases, modifies the fee structure for tax sales, and enhances the authority of the Tax Commissioner regarding tax returns and confidentiality. Notably, it includes new refundable and nonrefundable tax credits for individuals and corporations, such as those related to the Beginning Farmer Tax Credit Act and the Angel Investment Tax Credit Act, while also establishing a School District Property Tax Relief Credit Fund to support property tax relief initiatives. Overall, the bill aims to enhance financial support for housing, economic development, and education through structured tax relief and incentive programs.

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