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LB 566

Eliminate a sunset date relating to an income tax credit for the purchase of certain residential property

109th Legislature (2025-2026) Introduced by Dan Quick

Bill 10 SummaryMain Purpose: LB566 eliminates the sunset date on the $5,000 nonrefundable income tax credit for individuals who purchase a primary residence in an area designated a

Provisions/portions of LB566 amended into LB647 by AM1107
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Bill Summary · LB 566

Bill 10 Summary

Main Purpose: LB566 eliminates the sunset date on the $5,000 nonrefundable income tax credit for individuals who purchase a primary residence in an area designated as "extremely blighted" under state law.

Key Provisions:
- Removes the January 1, 2026 sunset date on the $5,000 income tax credit for purchasing a primary residence in an extremely blighted area
- Makes the tax credit permanent by striking the sunset clause

Affected Parties:
- Individuals purchasing primary residences in extremely blighted areas
- Real estate developers and home builders in these designated areas

Timeline/Procedure:
- Introduced on January 22, 2025
- Portions of LB566 were amended into LB647 by AM1107

Compiled from official sources — confirm details with the bill’s official record.

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