LB331

Adopts the Nebraska EPIC Option Consumption Tax Act and terminates tax provisions.

The bill adopts the Nebraska EPIC Option Consumption Tax Act, which imposes a consumption tax on the use or consumption of taxable property or services in Nebraska. It terminates various tax provisions, including property, income, and corporate taxes. The bill also creates the Nebraska EPIC Option Consumption Tax Act, which includes provisions for tax collection, exemptions, and penalties. It establishes the Nebraska Taxpayer's Bill of Rights, ensuring a fair and just tax system. The bill repeals the Nebraska Budget Act, tax-increment financing, and other tax-related acts.