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NE LB564
Bill
Status
1/22/2025
Primary Sponsor
Tom Brandt
Click for details
AI Summary
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Establishes a specific schedule of General Fund transfers to the School District Property Tax Relief Credit Fund: $750 million (FY 2024-25), $780 million (FY 2025-26), $808 million (FY 2026-27), $838 million (FY 2027-28), $870 million (FY 2028-29), and $902 million (FY 2029-30)
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Changes the annual growth rate for fund transfers and tax relief amounts from a flat $150 million increase per year to a 3% increase starting in FY 2030-31
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Sets corresponding property tax relief amounts matching the transfer schedule, with $750 million in tax year 2024 increasing to $902 million by tax year 2029, then growing at 3% annually thereafter
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Declares an emergency, meaning the act takes effect immediately upon passage and approval rather than following the standard effective date
Legislative Description
Change provisions relating to fund transfers to the School District Property Tax Relief Credit Fund and the amount of tax relief granted under the School District Property Tax Relief Act
Last Action
Title printed. Carryover bill
1/7/2026