This bill amends various sections of the Nebraska Revised Statutes to adjust the sales tax rate and update provisions related to the Good Life Transformational Projects Act and the Good Life District Economic Development 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 and clarifications regarding terms such as "additional good life district retailer," "controlling property rights," and "new business," enhancing the framework for economic development projects. It establishes criteria for creating good life districts, including financial thresholds for new development costs and job creation requirements, while limiting the number of districts to five statewide and emphasizing local financial commitment.

Additionally, the bill outlines the approval and management framework for good life districts, including provisions for reduced state sales tax rates and a thirty-year duration for the districts. It mandates a memorandum of understanding between project area applicants and local authorities, ensuring local revenue is allocated to eligible costs. The bill also specifies criteria for terminating a good life district and allows for the sharing of information between the Department of Economic Development and the Department of Revenue. Key changes include limiting disbursements for non-revenue producing costs to twenty percent and establishing a separate good life district economic development fund. Overall, the legislation aims to stimulate economic growth in Nebraska through targeted tax incentives and structured project guidelines.

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