Bill
LB 439
Bill 8 SummaryMain Purpose and Intent:- LB 439 would adopt the Property Tax Circuit Breaker Act, which provides income tax credits to qualified taxpayers for a portion of their pro
Main Purpose and Intent:
- LB 439 would adopt the Property Tax Circuit Breaker Act, which provides income tax credits to qualified taxpayers for a portion of their property taxes or rent paid.
Key Provisions:
- Allows qualified taxpayers to receive an income tax credit for 50% of property taxes or rent paid that exceed 5% of their federal adjusted gross income.
- The credit is capped at $4,000, except for senior taxpayers whose credit is capped at $5,000.
Affected Parties:
- Qualified Nebraska taxpayers who pay a significant portion of their income towards property taxes or rent.
- State government through the income tax credits provided.
Procedural/Timeline Aspects:
- LB 439 was introduced on January 21, 2025.
- Senator Conrad's name has been added as a co-introducer.
- A hearing is scheduled for February 28, 2025 in the Revenue Committee.
Compiled from official sources — confirm details with the bill’s official record.
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