This legislative bill amends various sections of the Nebraska Revised Statutes to adjust the sales tax rate and enhance the Good Life Transformational Projects Act. The sales tax rate will remain at five and one-half percent until October 1, 2025, with a reduced rate of two and three-quarters percent for transactions within designated good life districts. The bill introduces new definitions for terms such as "additional good life district retailer," "controlling property rights," and "new business." It establishes criteria for creating good life districts, including financial thresholds for new development costs and job creation, while limiting the number of districts to five statewide and imposing restrictions in populous counties.

Additionally, the bill outlines the management and funding of economic development programs within good life districts, mandating that no more than twenty percent of disbursements can be allocated to non-revenue producing costs. It requires a memorandum of understanding between the city, project area applicants, and the department before disbursing funds, ensuring accountability in the use of taxpayer money. The bill also allows cities to impose a general business occupation tax within good life districts and specifies the allocation of state sales taxes to these cities. Overall, the amendments aim to strengthen the economic development framework, enhance transparency, and ensure effective utilization of funds for community benefit.

Statutes affected:
Introduced: 77-4405
Final Reading: 77-2701.02, 77-4401, 77-4403, 77-4404, 77-4405, 77-4406, 77-4408, 77-4410, 77-4412, 77-4413, 77-4414
Slip Law: 77-2701.02, 77-4401, 77-4403, 77-4404, 77-4405, 77-4406, 77-4408, 77-4410, 77-4412, 77-4413, 77-4414