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 and clarifications 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 approval and management framework for good life districts, requiring applicants to certify that any anticipated diversion of state sales tax revenue will be offset by sales tax paid on development costs. It mandates the establishment of a memorandum of understanding between the city, project area applicants, and the department before disbursing funds, ensuring accountability and transparency. 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 cities based on transactions in these areas. Overall, the amendments aim to strengthen economic development initiatives in Nebraska by providing a structured framework for funding and governance of good life districts.

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