This bill aims to amend Nebraska's revenue and taxation laws by defining specific terms and prohibiting certain tax deductions related to interest or taxes paid on, or maintenance of, single-family residential properties owned as investment or rental properties. Specifically, it states that individuals who own more than thirty such properties will not be allowed to claim these deductions starting from taxable years beginning on or after January 1, 2026. The bill also introduces definitions for "qualified nonprofit organization" and "community land trust," which are organizations focused on affordable housing and community development.

However, the bill provides exemptions to the prohibition on deductions for individuals whose properties are used as their principal residence, properties owned by qualified nonprofit organizations, and those who sell a specified percentage of their properties to buyers who will reside in them or to first-time homebuyers. Additionally, it allows individuals to appeal to the Department of Revenue if they can demonstrate that their property was offered for sale at fair market value for at least ninety days without receiving good faith offers, enabling them to claim the deductions if their appeal is successful.