Nebraska Enacts Community Improvement District Act, Includes Tax Related Provisions

The Nebraska Governor signed a law that includes: 1) creating the Community Improvement District Act; 2) authorizing a community improvement district (CID) to levy property taxes subject to certain limits; 3) exempting from taxation the earnings and proceeds from sales of bonds issued under the Municipal Inland Port Authority act, except for inheritance and gift taxes and taxes on transfers; and 4) providing a property tax exemption for any real or personal property subject to a lease agreement of an inland port authority. The law took effect on April 16, with certain sections operative on April 16, and certain sections ...