LB564

Nebraska LB564 amends fund transfers and tax relief amounts under the School District Property Tax Relief Act.

Nebraska LB564 modifies fund transfers to the School District Property Tax Relief Credit Fund and adjusts the amount of tax relief granted. It specifies the amount of funds to be transferred from the General Fund to the Credit Fund for fiscal years 2025-2030 and beyond. The bill also details the calculation of property tax credits for each parcel, including how credits are applied to homestead exemptions. The relief is provided in the form of property tax credits that appear on property tax statements and are credited against the amount of property taxes owed to school districts.