WeVote
Log In

Bill

TS

Bill

LB 200

Provide for exemptions under the Personal Property Tax Relief Act

109th Legislature (2025-2026) Introduced by Tony Sorrentino

Reinstates a $10,000 de minimis exemption for tangible personal property under PPTRA, harmonizes exemptions, easing small business tax relief and reducing local revenue.

Title printed. Carryover bill
0
WeVote Research Nonpartisan
Bill Summary · LB 200

Summary of Nebraska Legislative Bill LB200 (2025)

Overview

  • Bill Number: LB200
  • Title: Provide for exemptions under the Personal Property Tax Relief Act
  • Introduced: January 14, 2025
  • Status: Referred to the Revenue Committee
  • Principal Introducer: Senator Tony Sorrentino
  • Hearing: January 23, 2025

LB200 seeks to reinstate a de minimis exemption for tangible personal property (TPP) under the Personal Property Tax Relief Act (PPTRA). It aims to reestablish a $10,000 threshold that had previously been eliminated in 2020, and to harmonize related exemptions by updating several statutory provisions.

Purpose and intent

  • Restore the $10,000 de minimis exemption for tangible personal property under the PPTRA.
  • Align and harmonize related exemption provisions across PPTRA-related statutes.
  • repeal the original (pre-amendment) provisions as part of the consolidation/recodification effort.

Key provisions (as indicated in the bill text)

  • Amendments to sections of the Revised Statutes Cumulative Supplement 2024, including:
    • 77-202
    • 77-693
    • 77-801
    • 77-1238
    • 77-1239
    • 77-1248
    • 77-1514
  • Reinstatement of de minimis exemption: The bill would reinstate the $10,000 de minimis exemption for tangible personal property that is not depreciable under current law, reversing the 2020 elimination.
  • Harmonization: The changes are intended to harmonize PPTRA exemptions and streamline the statutory framework governing property tax relief for tangible personal property.
  • Repeal of originals: LB200 would repeal the statutory sections that it amends, as part of a harmonization/recodification approach.

Who is affected

  • Individuals and businesses with tangible personal property (TPP) who would previously have fallen under the de minimis exemption threshold (i.e., TPP with a total value up to $10,000).
  • Local taxing authorities and assessing offices, which administer PPTRA exemptions and property tax relief.
  • Entities affected by PPTRA exemptions more broadly, including public or quasi-public uses where TPP is taxed or exempted, due to the harmonization of exemptions.

Procedural and timeline considerations

  • Committee process: Referred to the Revenue Committee upon introduction.
  • Hearing date: January 23, 2025.
  • Implementation timing: Not specified in the provided excerpt; typically, passage would affect property tax tax year(s) following enactment, subject to the legislature’s schedule and any effective-date provisions the bill includes (not fully shown in the excerpt).

Practical impact (high-level)

  • By reinstating a $10,000 de minimis exemption for tangible personal property, LB200 would reduce the portion of TPP that is subject to property tax for qualifying taxpayers.
  • The measure would simplify tax administration for small-scale TPP holdings and reduce tax burdens for many small businesses and individuals.
  • The broader effect would be a modest reduction in local property tax revenues offset by the intended goal of PPTRA relief for tangible personal property.

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

Sign in to ask a question.