Nebraska LB648 proposes changes to the sales and use tax rates, effective from July 1, 2024, to July 1, 2026.

Nebraska LB648 amends the sales and use tax rates, effective from July 1, 2024, to July 1, 2026. The bill sets the sales tax rate at five and one-half percent, with a reduced rate of two and three-quarters percent for transactions within good life districts. It also allocates specific tax proceeds to various funds, including the Game and Parks Commission Capital Maintenance Fund, the Highway Trust Fund, and the Property Tax Credit Cash Fund. The bill repeals original sections and sets an operative date of July 1, 2026.

Nebraska LB648 proposes changes to the sales and use tax rates, effective from July 1, 2024, to July 1, 2026.

Nebraska LB648 amends the sales and use tax rates, effective from July 1, 2024, to July 1, 2026. The bill sets the sales tax rate at five and one-half percent, with a reduced rate of two and three-quarters percent for transactions within good life districts. It also allocates specific tax proceeds to various funds, including the Game and Parks Commission Capital Maintenance Fund, the Highway Trust Fund, and the Property Tax Credit Cash Fund. The bill repeals original sections and sets an operative date of July 1, 2026.