LB81

Nebraska LB81 amends the Nebraska Property Tax Incentive Act by defining terms and altering tax credit provisions for school district taxes.

Nebraska LB81 amends the Nebraska Property Tax Incentive Act by defining terms such as "allowable growth percentage" and "community college taxes." It changes provisions for tax credits for school district taxes paid, allowing an additional refundable credit for certain entities. The bill also sets specific credit percentages for taxable years 2022 and 2023, and mandates the Department of Revenue to provide necessary forms and schedules for verifying eligibility and allocating taxes paid. The changes aim to harmonize provisions and repeal the original sections 77-6702 and 77-6703.