This bill amends Nebraska's revenue and taxation laws by defining terms related to affordable housing and establishing restrictions on tax deductions for certain property owners. Specifically, it prohibits individuals who own more than thirty parcels of single-family residential property from claiming deductions on Nebraska income taxes for interest, taxes, or maintenance costs associated with those properties, effective for taxable years beginning on or after January 1, 2026. The bill outlines the definition of a "qualified nonprofit organization" and a "community land trust," which are entities that focus on affordable housing and community development.

However, the bill provides exemptions to the deduction prohibition for individuals whose properties serve as their principal residence, properties owned by qualified nonprofit organizations, and those who sell a specified percentage of their properties to buyers who will occupy them or to first-time homebuyers. Additionally, property owners can 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, allowing them to claim the deductions in such cases.