This bill aims to amend Nebraska's revenue and taxation laws by defining specific terms and prohibiting certain tax deductions related to the ownership of multiple single-family residential properties. It establishes that, starting from January 1, 2026, individuals who own more than thirty parcels of such properties as investment or rental units will not be allowed to claim deductions for interest, taxes, or maintenance costs associated with those properties. However, the bill outlines exemptions for properties used as a principal residence, properties owned by qualified nonprofit organizations, and individuals who sell a specified percentage of their properties to eligible buyers.

Additionally, the bill introduces definitions for "qualified nonprofit organization" and "community land trust," detailing the types of organizations that fall under these categories. It also provides a mechanism for property owners 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 any good faith offers, allowing them to claim the previously prohibited deductions if their appeal is successful.