LB494

Nebraska LB494 amends the School District Property Tax Relief Act, setting minimum property tax relief amounts and directing transfers from the.

Nebraska LB494 modifies the School District Property Tax Relief Act by establishing minimum property tax relief amounts for tax years 2024 through 2029. It also outlines the process for transferring funds from the General Fund to the School District Property Tax Relief Credit Fund, with specific amounts intended for each fiscal year from 2025-26 to 2029-30. The bill mandates that the Tax Commissioner provide monthly and annual reports on General Fund net receipts and directs the State Treasurer to transfer certain amounts to the Cash Reserve Fund or the School District Property Tax Relief.