NE LB331

Replaces Nebraska's property tax, income tax (personal and corporate), sales and use tax, and inheritance tax with a single 7.5% consumption tax on goods and services, effective January 1, 2028

Exempts groceries purchased for off-premises consumption, used property, business-to-business purchases, and items used for educational purposes from the consumption tax

Creates the Budget Equalization and Review Board with five regional representatives to oversee county and political subdivision funding, and the School Equalization and Review Board to manage school district funding through new state trust funds

Establishes the County Trust Fund, County Stabilization Fund, County Rainy Day Fund, Education Trust Fund, Education Stabilization Fund, and Education Facilities and Growth Fund to distribute state revenue to local governments and schools

Counties, cities, and villages may impose an additional consumption tax up to 1% only for bond repayment purposes; terminates tax-increment financing and existing local sales taxes