PREPARED BY: Kenneth Boggs
LB 12 DATE PREPARED: August 02, 2024
PHONE: 402-471-0050
Revision: 01
Revised to clarify fiscal impact. FISCAL NOTE
LEGISLATIVE FISCAL ANALYST ESTIMATE
ESTIMATE OF FISCAL IMPACT – STATE AGENCIES (See narrative for political subdivision estimates)
FY 2024-25 FY 2025-26
EXPENDITURES REVENUE EXPENDITURES REVENUE
GENERAL FUNDS $4,435,000 $58,673,000
CASH FUNDS $560,700,000 $560,700,000 $590,700,000 $590,700,000
FEDERAL FUNDS
OTHER FUNDS
TOTAL FUNDS $560,700,000 $565,135,000 $590,700,000 $649,373,000
Any Fiscal Notes received from state agencies and political subdivisions are attached following the Legislative Fiscal Analyst Estimate.
LB 12 proposes the establishment of the School District Property Tax Relief Act, starting in the tax year 2024. This act would provide
$560,700,000 million in relief, with an annual increase of $30 million starting in 2025. The collection fee for costs would offset the
reduction in property taxes collected for the school district, resulting in no fiscal impact on the county.
The bill incorporates some provisions of LB 388 (2024) with modifications. Specifically, the bill repeals the income tax credits for
property taxes paid to schools under the Nebraska Property Tax Incentive Act, beginning in tax year 2024.
Estimated General Fund revenue gained by repealing the income tax credit is $565,135,000 million in FY25 and $649,373,000 million in
FY26. The amounts required for the new school district property tax credit are assumed to be transferred to the newly created cash
fund from the General Fund.
ADMINISTRATIVE SERVICES STATE BUDGET DIVISION: REVIEW OF AGENCY & POLT. SUB. RESPONSE
LB: 12 AM: AGENCY/POLT. SUB: Sta te Treasurer
REVIEWED BY: Neil Sullivan DATE: 7/29/2024 PHONE: (402) 471-4179
COMMENTS: The State Treasurer assessment of no fiscal impact from LB 12 appears reasonable.
ADMINISTRATIVE SERVICES STATE BUDGET DIVISION: REVIEW OF AGENCY & POLT. SUB. RESPONSE
LB: 12 AM: AGENCY/POLT. SUB: Nebraska Association of County Officials
REVIEWED BY: Neil Sullivan DATE: 7/29/2024 PHONE: (402) 471-4179
COMMENTS: The Nebraska Association of County Officials assessment of fiscal impact from LB 12 appears to be
reasonable.
Please complete ALL (5) blanks in the first three lines. 2024
LB
(1) 12 Special Session FISCAL NOTE
State Agency OR Political Subdivision Name:
(2)
Nebraska Association of County Officials (NACO)
Prepared by:
(3) Elaine Menzel Date Prepared:
(4)
7/26/2024 Phone:
(5)
402.434.5660
ESTIMATE PROVIDED BY STATE AGENCY OR P 6OLITICAL SUBDIVISION
FY 2024-25 FY 2025-26
EXPENDITURES REVENUE EXPENDITURES REVENUE
GENERAL FUNDS
CASH FUNDS
FEDERAL FUNDS
OTHER FUNDS
TOTAL FUNDS
Explanation of Estimate:
LB 12 would create the School District Property Tax Relief Act beginning in tax year 2024 and thereafter.
The relief granted would be over $560 million. For 2025 and each tax year after, the amount would be
increased by $30 million.
Because the collection fee for costs would equal the reduction in property taxes collected for the school
district, there would be no fiscal impact to the county.
_____________________________________________________________________________________________________ _
BREAKDOWN BY MAJOR OBJECTS OF EXPENDITURE
Personal Services:
POSITION TITLE
NUMBER OF POSITIONS
24-25 25-26
2024-25
EXPENDITURES
2025-26
EXPENDITURES
Benefits………………………………...……
Operating…………………………...……….
Travel………………………………………..
Capital outlay…………………...…………..
Aid…………………………………………...
Capital improvements……………………...
TOTAL ………………………………... ..
Please complete ALL (5) blanks in the first three lines. 2024
LB
(1) 12 FISCAL NOTE
State Agency OR Political Subdivision Name:
(2)
State Treasurer
Prepared by:
(3) Jason Walters Date Prepared:
(4)
July 26, 2024 Phone:
(5)
402-471-2793
ESTIMATE PROVIDED BY STATE AGENCY OR POLITICAL SUBDIVISION
FY 2024-25 FY 2025-26
EXPENDITURES REVENUE EXPENDITURES REVENUE
GENERAL FUNDS
CASH FUNDS
FEDERAL FUNDS
OTHER FUNDS
TOTAL FUNDS
Explanation of Estimate:
The State Treasurer’s Office doesn’t expect any fiscal impact from LB 12 to the office.
_____________________________________________________________________________________________________ _
BREAKDOWN BY MAJOR OBJECTS OF EXPENDITURE
Personal Services:
POSITION TITLE
NUMBER OF POSITIONS
24-25 25-26
2024-25
EXPENDITURES
2025-26
EXPENDITURES
Benefits………………………………...… …
Operating…………………………...……….
Travel………………………………………..
Capital outlay…………………...…………..
Aid…………………………………………...
Capital improvements………… …………...
TOTAL……………………………… .....