New and expanding business electricity rate approved

An economic development rate on electricity for new and expanding businesses was passed by the Legislature March 1.

LB1043, introduced by Schuyler Sen. Chris Langemeier, provides the rate for five years to encourage new businesses to move to the state. The rate also applies to local businesses expanding their operations.

The bill takes immediate effect.

Senators passed the bill on a 48-0 vote.

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