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Enhanced Good Life District Transformations Drive Revenue Growth

Lawmakers approved a set of tax-related proposals on April 4, including one that allows cities to utilize local tax revenue for developing special retail districts.

Senator Lou Ann Linehan from Elkhorn, who sponsored the bill, described it as a placeholder. An amendment, which was adopted 34-0, substituted the original bill with 10 other bills that had been reviewed by the committee during the session.

One of the proposed changes under LB863, introduced by Linehan, eliminates the ability for individuals to deduct annuities received under the Federal Employees Retirement System for state income tax purposes.

LB1043, introduced by Senator Terrell McKinney of Omaha, as amended, mandates certain nonprofit organizations owning or acquiring underutilized tax-exempt property in high-poverty areas to develop the property within three years. Failure to comply would result in fines and potential tax exemption revocation.

LB1093, sponsored by Senator Eliot Bostar of Lincoln, seeks to update the First Responder Recruitment and Retention Act by expanding the definition of first responders and providing protections regarding health insurance policies.

LB1134, introduced by Senator R. Brad von Gillern of Elkhorn, proposes changes to the accrual of interest on refunds and additional taxes due following a decision on a property’s valuation by the Tax Equalization and Review Commission.

LB1217, also sponsored by Bostar, aims to update requirements for owners of rent-restricted housing projects and introduces a property tax exemption based on occupied beds provided to Medicaid beneficiaries for certain facilities.

LB1218, introduced by Bostar, suggests an excise tax on electricity used for charging electric vehicles and adjustments to registration fees for vehicles powered by alternative fuels.

LB1295, sponsored by von Gillern, introduces the Financial Institution Data Match Act to enhance tax collection processes through data matching with financial institutions.

LB1374, presented by Linehan, allows cities to establish economic development programs within designated districts, funded by local revenue sources with voter approval.

LB1389, sponsored by Bostar, proposes exempting broadband equipment from personal property tax in specific deployment scenarios.

LB1397, introduced by Senator Dave Murman of Glenvil, excludes non-agricultural commercial land from the definition of agricultural and horticultural land for valuation purposes.

Additionally, the amendment includes provisions from various senators, such as improving reports on inheritance tax collection and expanding property tax exemptions for specific business equipment under the ImagiNE Nebraska Act.

Moreover, it introduces a system to intercept gambling winnings for payment of child support debts or unpaid taxes, operated by the state Department of Revenue.

LB1317 progressed to select file with unanimous approval.