Adopt the School District Property Tax Relief Act and change the Nebraska Property Tax Incentive Act

This bill proposes to create a new property tax credit program specifically for owners of real property in Nebraska to help offset taxes levied by school districts. The legislation establishes a dedicated fund that would distribute money to counties based on the amount of school district taxes collected within each area, with funds then allocated to individual property owners as credits on their tax statements. The plan includes a specific funding amount for the 2024 tax year and a mechanism to increase the relief by thirty million dollars annually in subsequent years. Additionally, the bill updates the existing Nebraska Property Tax Incentive Act to clarify definitions and ensure consistency with the new relief program.