Extended TIF repayment approved

Lawmakers passed a bill March 11 that implements the provisions of a constitutional amendment approved by Nebraska voters in 2020.

LB25, introduced by Omaha Sen. Justin Wayne, extends the maximum repayment period for tax-increment financing from 15 years to 20 if more than one half of the land in a project is designated as extremely blighted.

LB25 passed on a 48-0 vote and takes effect immediately.