LB650

Adopts the Community Development Assistance Act and changes tax provisions for land banks, property tax exemptions, sales tax, and credits.

LB650 modifies Nebraska's tax laws by adopting the Community Development Assistance Act and altering provisions for land banks, property tax exemptions, sales tax, and tax credits. It changes the tax rate for insurance companies, imposes sales tax on certain vehicles, and modifies the tax treatment of income from various sources. It also introduces new tax credits for specific activities and purchases, such as installing reverse osmosis systems and purchasing residences in blighted areas.