The resolution proposes an interim study to evaluate the assessment of agricultural land value based on potential income, aiming to determine if this method is the most effective for accurately assessing agricultural land in Nebraska. The Revenue Committee of the Legislature will lead the study, collaborating with various stakeholders, including the Nebraska Farm Bureau and the University of Nebraska-Lincoln. The study will focus on several key areas, including the use of the potential income assessment method in other Midwest and Great Plains states, challenges faced by previous legislation, and unique obstacles in Nebraska that complicate the implementation of this assessment method.

Additionally, the study will explore potential solutions to legislative hurdles, identify the best sources of information for evaluating agricultural land income, and assess the usefulness of trend analysis in determining potential income. Upon completion, the Revenue Committee is tasked with reporting its findings and recommendations to the Legislative Council or Legislature, ensuring that the insights gained from the study can inform future decisions regarding agricultural land assessment in Nebraska.