Nebraska LB107 proposes an income tax credit for renters and modifies property tax credit provisions.

Nebraska LB107 introduces an income tax credit for renters, allowing a credit of up to $1,000 for those renting residential units as their primary residence. This credit is the greater of 4% of the total rent paid or $200. The bill also changes the property tax credit provisions, setting specific minimum amounts of relief granted for various tax years and altering the disbursement method. It repeals certain sections related to the property tax credit.

Nebraska LB107 proposes an income tax credit for renters and modifies property tax credit provisions.

Nebraska LB107 introduces an income tax credit for renters, allowing a credit of up to $1,000 for those renting residential units as their primary residence. This credit is the greater of 4% of the total rent paid or $200. The bill also changes the property tax credit provisions, setting specific minimum amounts of relief granted for various tax years and altering the disbursement method. It repeals certain sections related to the property tax credit.