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 the Affordable Housing Trust Fund, which will receive funding from various sources, including legislative appropriations and private contributions. Notably, transfers from this fund to other designated funds will be restricted starting July 1, 2027. The bill also modifies the documentary stamp tax rate, increasing it from two dollars and thirty-two cents to three dollars and thirty-two cents for real estate transactions before January 1, 2032, and maintaining the lower rate for transactions on or after that date.

Additionally, the bill outlines the distribution of tax revenues 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. It mandates that funds held in the Rural Workforce Housing Investment Fund and the Middle Income Workforce Housing Investment Fund will be transferred to the General Fund starting July 1, 2027, and July 1, 2029, respectively. The bill aims to harmonize existing provisions and repeals the original sections that are being amended.

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
Slip Law: 58-703, 76-901, 76-903, 77-1327, 81-1230, 81-1239