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Bill would adjust school property tax credit growth formula, add $75M to fund
Summary
LB1008, offered by proxy for Sen. Brandt, would change the Tier 2 school district property tax credit to mirror Tier 1 growth instead of a flat 3% and add $75 million to the fund to prevent credits eroding as property valuations rise.
A legislative aide for Senator Brandt summarized LB1008 before the Revenue Committee as a targeted adjustment to the Tier 2 school district property tax credit formula. The proposal would calculate Tier 2 growth using the prior year’s percentage growth in total assessed value rather than a flat 3% and would add $75 million to the credit fund to counter continued valuation increases.
The introducer said the change is intended to preserve the effectiveness of the credit as assessments rise and noted the committee received one online proponent and one online opponent. No in‑person proponents or opponents appeared and the committee asked no follow‑up questions before closing the hearing.
Next steps: the bill remains in committee for possible amendment or further testimony.
