Bill
LB 714
Bill 2 Bill Number: LB 714Title: Change provisions relating to motor vehicle taxes and feesSummary:- Reduces motor vehicle taxes by approximately 20%, or $70 million, to bring Nebr
Bill Number: LB 714
Title: Change provisions relating to motor vehicle taxes and fees
Summary:
- Reduces motor vehicle taxes by approximately 20%, or $70 million, to bring Nebraska's rates more in line with neighboring states
- Revises the depreciation schedule to better reflect real-world vehicle values, with a tax decrease for vehicles up to 13 years old and a 1% tax on vehicles 14 years and older
- Expands the motor vehicle tax schedule by increasing the maximum taxable value from $100,000 to $200,000
- Increases motor vehicle fees by $2 per ton for vehicles over 7 tons to generate $29 million in new revenue for roads and bridges
- Adjusts fee and tax revenue allocation, increasing the county share and moderately increasing city funding, while decreasing the school funding share
Compiled from official sources — confirm details with the bill’s official record.
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