Adopts the Property Tax Circuit Breaker Act to provide income tax credits to qualifying taxpayers.
The Property Tax Circuit Breaker Act allows qualifying taxpayers in Nebraska to receive income tax credits against their property taxes. A qualifying taxpayer must own or rent their principal residence in the state and reside there for at least six months of the taxable year. The credit is calculated based on the amount of property taxes or rent paid and the taxpayer's federal adjusted gross income. The credit cannot exceed the amount of property taxes owed on the principal residence. The Department of Revenue can adopt rules to carry out the Act.
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