NE LB650

Creates the Community Development Assistance Act offering tax credits up to 40% of contributions to certified community betterment programs in economically distressed areas, with a $350,000 annual cap on total credits

Expands disabled veteran property tax exemptions to align with federal definition (5 U.S.C. 2108) and allows land banks to pursue shortened 2-year redemption periods for vacant and abandoned properties instead of the standard 3-year period

Increases sales tax collection fees from 2.5% to 3% on the first $5,000 remitted monthly (previously first $3,000), and raises the advertising fee for delinquent property tax sales from $5 to $20 per description

Modifies multiple tax credit programs: Relocation Incentive Act cap increases from $1 million to $5 million annually; Nebraska Advantage Rural Development Act and Renewable Chemical Production Tax Credit sunsets accelerated; Creating High Impact Economic Futures Act tax credits suspended for 2026-2029

Changes General Fund excess revenue transfers so amounts exceeding 103% of prior year receipts go to the School District Property Tax Relief Credit Fund rather than entirely to the Cash Reserve Fund