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" and "new business," and establishes criteria for creating good life districts, including financial thresholds for new development costs and job creation requirements. It limits the number of good life districts to five statewide, with restrictions on their establishment in populous counties.

Additionally, the bill outlines the approval process and management framework for good life districts, including provisions for reduced state sales tax rates and the duration of districts lasting thirty years. It mandates that applicants certify anticipated state sales tax revenue diversions will be offset by sales tax paid on development costs and requires annual reporting from recipients of allocated sales taxes. The bill also introduces new provisions for the management of economic development programs within good life districts, including the establishment of a memorandum of understanding between cities and project area applicants before fund disbursement. Overall, these amendments aim to streamline economic development while ensuring transparency and accountability in the use of taxpayer funds.

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