NE LB494

Modifies how excess General Fund receipts are allocated by creating a new two-part calculation: comparing actual receipts to estimated receipts AND comparing actual receipts to 103% of the prior year's receipts

Directs excess revenue above 103% year-over-year growth to the School District Property Tax Relief Credit Fund instead of the Cash Reserve Fund, while amounts exceeding estimates but not the 103% threshold go to the Cash Reserve Fund

Removes fixed dollar transfer schedules ($780M in FY2025-26 through $902M in FY2029-30) for the School District Property Tax Relief Credit Fund, replacing them with flexible transfers sufficient to meet relief requirements

Establishes minimum property tax relief amounts starting at $750 million for tax year 2024, increasing by set amounts through 2029, then growing by 3% annually starting in tax year 2030

Declares an emergency, making the act effective immediately upon passage and approval