NE LB647

Creates property tax exemption for landowners who establish perpetual recreational trail easements that provide public access and connect to existing or planned trail systems, with easements held by municipalities, counties, land trusts, or qualifying nonprofits

Establishes refundable state income tax credit for adoption expenses equal to 10% of the federal adoption tax credit under 26 U.S.C. 23, effective for taxable years beginning January 1, 2026

Modifies Property Tax Growth Limitation Act calculations for counties, cities, and villages by changing how growth value and allowable growth percentage are computed, including treatment of tax increment financing projects and redevelopment project valuations

Expands Nebraska educational savings plan trust (529 plans) to allow tax-free distributions for elementary and secondary school tuition beginning January 1, 2029, capped at $10,000 per beneficiary per year

Extends income tax credit for purchasing residences in extremely blighted areas from 2026 to 2032, requires municipalities to report annually on all occupation taxes collected, and allows counties to retain 1% of School District Property Tax Relief Act disbursements for administrative costs