Economic development cap removed

<a href='' target='_blank' title='Link to the website of Sen. Justin Wayne'>Sen. Justin Wayne</a>
Sen. Justin Wayne

One of the caps in the state’s Local Option Municipal Economic Development Act was removed by a bill passed Feb. 8.

Currently, a cap of four-tenths of one percent of a city’s taxable valuation is placed on funds derived from local revenue sources that a city can use for approved economic development programs.

LB614, introduced last year by Omaha Sen. Justin Wayne, removes that cap. The bill leaves in place a second, flat-dollar spending cap.

Senators passed the bill on a 47-0 vote.

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