Bill
LB 699
Bill 2 SummaryMain Purpose and Intent:- LB 699 would clarify the tax treatment of building materials purchased by contractors who have elected to be taxed as consumers under Nebras
Main Purpose and Intent:
- LB 699 would clarify the tax treatment of building materials purchased by contractors who have elected to be taxed as consumers under Nebraska law.
Key Provisions:
- Ensures that when such contractors have already paid sales or use tax on qualifying materials, they can certify the amount paid to the taxpayer, who will then be eligible for a refund.
- If the contractors have not paid sales or use tax, their purchases will be exempt from such taxes, aligning their tax status with that of the taxpayer.
Affected Parties:
- Contractors who have elected to be taxed as consumers, and the taxpayers they work for.
Procedural/Timeline Aspects:
- No specific timeline details provided.
Compiled from official sources — confirm details with the bill’s official record.
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