The proposed bill seeks to amend existing Nebraska tax law by renaming the School District Property Tax Relief Act to the Live Here Thrive Here Act and the School District Property Tax Relief Credit Fund to the Live Here Thrive Here Credit Fund. It introduces new definitions and modifies the distribution of property tax credits under the act. The bill also establishes that beginning in tax year 2027, property tax credits will only be available to real property owners who are resident individuals. Additionally, it outlines the minimum amounts of property tax relief to be provided in the coming years, starting at $750 million for tax year 2024 and increasing annually.

Key changes include the creation of the Live Here Thrive Here Credit Fund, which will receive transfers from the General Fund, and the requirement for the Tax Commissioner to certify amounts for transfer to this fund based on specific calculations of General Fund net receipts. The bill also details the process for determining property tax credits for individual parcels and stipulates that any unused credits must be returned to the Credit Fund. Overall, the bill aims to enhance property tax relief for residents while ensuring that the funding mechanisms are clearly defined and structured.

Statutes affected:
Introduced: 77-4602, 77-7301, 77-7302, 77-7303, 77-7304, 77-7305