This legislative bill amends various sections of Nebraska's education laws, primarily focusing on school district levy limitations and the allocation of tax revenues. A significant change is the introduction of the new "Education Future Fund," which replaces the previous "Property Tax Credit Cash Fund," directing 70% of certain taxes to this new fund. The bill establishes a maximum levy for school districts at $1.05 per $100 of taxable valuation for fiscal years prior to 2026-27, decreasing to $0.50 per $100 for fiscal year 2026-27 and beyond. It also includes provisions for exceptions to these levy limits and outlines the distribution of tax revenues from cash devices and racetracks. Additionally, the bill aims to streamline funding for education while addressing property tax credits and ensuring that school districts have the necessary resources to operate effectively. Furthermore, the bill modifies the Property Tax Credit Act to apply to tax years 2007 through 2025, establishing minimum relief amounts for each year, with significant increases in funding for tax years 2023 through 2025. It introduces the Education Future Fund, replacing the School District Property Tax Relief Credit Fund, and specifies that if the property tax credit results in a negative tax liability, the unused credit must be returned to the Property Tax Administrator by July 1 of the disbursement year. The bill also updates definitions and provisions within the Tax Equity and Educational Opportunities Support Act, ensuring clarity in the financial framework for educational support. Overall, these changes aim to refine the funding structure for Nebraska schools, ensuring that aid is appropriately allocated based on current and projected needs.

Statutes affected:
Introduced: 9-1204, 77-3012, 77-3442, 77-4211, 77-4212, 77-4602, 77-7304, 77-7305, 79-1001, 79-1003, 79-1005, 79-1005.01, 79-1006, 79-1007.11, 79-1007.18, 79-1008.01, 79-1009, 79-1016, 79-1017.01, 79-1021, 79-1022, 79-1022.02, 79-1023, 79-1027, 79-1031.01, 79-3402, 79-3403, 79-3406