LB130

Nebraska LB130 amends General Fund net receipts transfers to the Cash Reserve Fund and creates a new transfer to the School District Property Tax.

Nebraska LB130 modifies the process for transferring General Fund net receipts to the Cash Reserve Fund. It mandates that a portion of the net receipts be transferred immediately, with the remainder transferred by the end of the subsequent fiscal year. If the transfer causes the Cash Reserve Fund balance to exceed 16% of the total budgeted General Fund expenditures, the transfer is reduced. Additionally, the bill creates a new transfer to the School District Property Tax Relief Credit Fund for any excess amounts.