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NE LB566
Bill
AI Summary
- Eliminates the January 1, 2026 sunset date for the $5,000 nonrefundable income tax credit available to individuals who purchase a residence in an extremely blighted area
- Credit requirements remain unchanged: residence must be in a designated extremely blighted area, serve as the buyer's primary residence, and not be purchased from a family member
- Credit is subject to recapture if the property is sold, transferred, or no longer used as primary residence within five years of claiming the credit
- Unused credit amounts may be carried forward to subsequent tax years until fully utilized
- Amends Nebraska Revised Statutes section 77-2715.07 to make the credit permanent rather than expiring
Legislative Description
Eliminate a sunset date relating to an income tax credit for the purchase of certain residential property
Last Action
Provisions/portions of LB566 amended into LB647 by AM1107
6/6/2025
Committee Referrals
Revenue1/24/2025
Full Bill Text
No bill text available