This legislative bill seeks to amend Nebraska's revenue and taxation laws, particularly focusing on the Key Employer and Jobs Retention Act and the ImagiNE Nebraska Act. Key amendments include a redefinition of "change in ownership and control" to include mergers involving key employers and foreign entities under specific conditions. The bill introduces a grant program managed by the Department of Labor to assist employers in retaining or attracting workforce talent during ownership changes. Additionally, it modifies the wage retention credit structure, increasing the maximum credit from four million to five million dollars under certain circumstances, and adjusts tax incentives related to new employee hiring and investment in qualified property.

Moreover, the bill establishes the Site and Building Development Fund, which will receive funding from the General Fund to support the development of large commercial and industrial sites in Nebraska. It mandates a comprehensive study to identify potential super and mega sites, with a focus on enhancing Nebraska's competitiveness for major investments. The bill also expands financial assistance types available through the Site and Building Development Fund and introduces a key employer grant program to support workforce retention efforts, providing up to three hundred thousand dollars annually. Certain sections of the act are set to take effect immediately upon passage due to an emergency provision.

Statutes affected:
Introduced: 49-801.01, 77-6502, 77-6507, 77-6509, 77-6516, 77-6831