This bill amends sections of the Nebraska Revised Statutes to adjust the sales and use tax rates and modify fund distribution provisions. Specifically, it establishes that the sales tax rate will remain at five and one-half percent until October 1, 2025, after which it will continue at the same rate until July 1, 2027. Notably, beginning July 1, 2027, the sales tax rate will change to an unspecified percentage, denoted as XX percent. Additionally, the bill modifies the allocation of sales tax proceeds, particularly concerning the Game and Parks Commission Capital Maintenance Fund and the Highway Trust Fund, by removing the previous five percent cap on certain proceeds and replacing it with the new XX percent rate.

The bill also creates a new operative date of July 1, 2027, for these changes to take effect. It repeals the original sections of the statutes that are being amended, ensuring that the new provisions are clearly established. Overall, the bill aims to harmonize tax rates and fund distributions while providing a clear timeline for the implementation of these changes.

Statutes affected:
Introduced: 77-2701.02