{"id":36434,"date":"2024-04-12T15:23:02","date_gmt":"2024-04-12T21:23:02","guid":{"rendered":"http:\/\/update.legislature.ne.gov\/?p=36434"},"modified":"2024-04-12T15:23:02","modified_gmt":"2024-04-12T21:23:02","slug":"ihub-funding-removed-from-documentary-stamp-tax-proposal","status":"publish","type":"post","link":"https:\/\/update.legislature.ne.gov\/?p=36434","title":{"rendered":"iHub funding removed from documentary stamp tax proposal"},"content":{"rendered":"

A bill that would increase a tax paid by the seller of a house advanced to the final round of debate April 10 after lawmakers amended it to modify the distribution of the proceeds.<\/p>\n

\"Sen.
Sen. Mike McDonnell<\/figcaption><\/figure>\n

Currently, counties collect a documentary stamp tax at a rate of $2.25 for each $1,000 in value on the transfer of real estate. Counties remit all but 50 cents of each $2.25 collected to the state treasurer, who credits the proceeds to funds related to affordable housing, site development, homeless shelter assistance and behavioral health services.<\/p>\n

As amended on general file, LB1363, sponsored by Omaha Sen. Mike McDonnell, would raise the rate to $3.25 for each $1,000 in value and direct the proceeds to several additional uses.<\/p>\n

The bill would distribute a portion of the proceeds to military-related programs, innovation hubs, federally qualified health centers and the establishment and operation of an office to pursue and coordinate grant funding on behalf of the state.<\/p>\n

On select file, Sen. Robert Clements of Elmwood offered an amendment to eliminate the proposed distribution to innovation hubs and instead direct those proceeds to the Affordable Housing Trust Fund.<\/p>\n

As amended on the first round, LB1363 would allow counties to retain $1.15 of each $3.25 in documentary stamp tax collected to offset reduced inheritance tax rates for certain beneficiaries. The rates would go into effect for decedents dying on or after Jan. 1, 2024.<\/p>\n

The Clements amendment also would allow refunds to those who paid inheritance taxes with respect to a person who dies on or after that date and before the bill\u2019s operative date.<\/p>\n

After adopting the amendment on a vote of 26-6, senators advanced LB1363 to final reading by voice vote.<\/p>\n","protected":false},"excerpt":{"rendered":"

A bill that would increase a tax paid by the seller of a house advanced to the final round of debate April 10 after lawmakers amended it to modify the distribution of the proceeds. <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[17],"tags":[194],"class_list":["post-36434","post","type-post","status-publish","format-standard","hentry","category-revenue","tag-sen-mike-mcdonnell"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/36434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36434"}],"version-history":[{"count":2,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/36434\/revisions"}],"predecessor-version":[{"id":36438,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/36434\/revisions\/36438"}],"wp:attachment":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}