Nebraska Enacts Law on New Tax Benefits for First-Time Home Buyers

The Nebraska Governor signed a law that establishes the First-Time Home Buyer Savings Account Act, allowing individuals to create tax-advantaged savings accounts for downpayments and closing costs on first-time home purchases. The law also modifies provisions related to the Sports Arena Facility Financing Assistance Act, property tax valuation procedures, homestead exemptions for veterans, and creates a requirement for joint public hearings regarding property tax valuation and political subdivision budgets. The First-Time Home Buyer Savings Account provisions become operative three months after legislative adjournment, while property tax valuation changes become effective Jan. 1, 2027. [L.B. 803, enacted 04/16/26]

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