The proposed bill establishes the New Taxpayer Recruitment Grant Act, which aims to incentivize households to relocate to municipalities in Nebraska from outside the state. The Act defines key terms such as "Department," "Household," and "Household goal," and outlines the application process for cities, counties, Indian tribes, and nonprofit organizations to apply for grants. These grants will support new taxpayer recruitment programs, with applicants required to demonstrate a funding contribution of at least 20% of the program's total cost. The Department of Economic Development will evaluate applications based on their order of receipt and may award grants up to $250,000 per fiscal year.

Additionally, the bill mandates that grant recipients provide semiannual reports detailing the outcomes of their recruitment programs, including the number of applications received and the economic impact of the program. The New Taxpayer Recruitment Grant Cash Fund is created to finance these grants, consisting of funds transferred by the Legislature and other contributions. The Department is also authorized to adopt rules and regulations to implement the Act effectively.