Nebraska Governor Signs Law Providing School District Property Tax Relief

The Nebraska Governor signed a law relating to revenue and taxation. The law includes: 1) limiting annual property tax increases by municipal and local governments, but permitting certain carve-outs for approved bonds, public emergencies, and higher levels of spending authorized with voter approval; 2) sunsetting the income tax credit for school district property taxes for tax years beginning on or after Jan. 1, 2024; 3) providing property tax credits for school district property taxes for tax years beginning on or after Jan. 1, 2024; and 4) requiring property tax credits against property taxes to be added to annual property tax ...