This bill amends several sections of Nebraska's revenue and taxation laws, specifically focusing on the Affordable Housing Trust Fund, the Rural Workforce Housing Investment Fund, and the Middle Income Workforce Housing Investment Fund. Key changes include the establishment of new provisions for the Affordable Housing Trust Fund, which will now receive funds from various sources, including legislative appropriations and private contributions. Notably, transfers from the Affordable Housing Trust Fund to other funds will be restricted after July 1, 2027. Additionally, the bill modifies the documentary stamp tax rate, increasing it to three dollars and thirty-two cents for transfers before January 1, 2032, and maintaining a lower rate of two dollars and thirty-two cents for transfers on or after that date.

The bill also outlines the distribution of funds collected from the documentary stamp tax, specifying allocations to various funds, including the Affordable Housing Trust Fund, the Rural Workforce Housing Investment Fund, and the Middle Income Workforce Housing Investment Fund. Furthermore, it establishes a timeline for transferring any remaining funds in the Rural and Middle Income Workforce Housing Investment Funds to the General Fund by July 1, 2027, and July 1, 2029, respectively. The original sections being amended are repealed, ensuring that the new provisions take effect.

Statutes affected:
Introduced: 58-703, 76-901, 76-903, 77-1327, 81-1230, 81-1239
Final Reading: 58-703, 76-901, 76-903, 77-1327, 81-1230, 81-1239