{"id":38014,"date":"2025-03-13T11:52:34","date_gmt":"2025-03-13T17:52:34","guid":{"rendered":"https:\/\/update.legislature.ne.gov\/?p=38014"},"modified":"2025-03-13T11:52:34","modified_gmt":"2025-03-13T17:52:34","slug":"homeowner-incentive-program-extension-considered","status":"publish","type":"post","link":"https:\/\/update.legislature.ne.gov\/?p=38014","title":{"rendered":"Homeowner incentive program extension considered"},"content":{"rendered":"

The Revenue Committee heard testimony March 12 on a proposal to extend a program intended to encourage home purchases in extremely blighted areas.<\/p>\n

\"Sen.
Sen. Dan Quick<\/figcaption><\/figure>\n

Individuals currently may claim a nonrefundable $5,000 income tax credit if they purchase a primary residence located in an area that has been declared extremely blighted, among other requirements. The credit is available for tax years beginning before Jan. 1, 2026.<\/p>\n

LB566, introduced by Grand Island Sen. Dan Quick, would strike the sunset date, extending the program indefinitely.<\/p>\n

The state Department of Revenue estimates that the bill would reduce state general fund revenue by $44,000 in fiscal year 2026-27 and $90,000 in FY2027-28.<\/p>\n

Quick said the program, passed by the Legislature in 2019, has helped Nebraskans build wealth through homeownership in areas where apartments are typically the only new housing developments.<\/p>\n

He said Scottsbluff, North Platte, Kearney, Lincoln and Omaha have areas that qualify for a designation as extremely blighted.<\/p>\n

Korby Gilbertson testified in support of LB566 on behalf of the Nebraska Realtors Association, Habitat for Humanity Omaha and organizations representing Nebraska homebuilders. Approximately 10 credits are claimed each year, she said, and the program encourages investment in areas that potential homebuyers might otherwise avoid.<\/p>\n

Gilbertson said the department may recapture the credit if the individual claiming it sells the residence within five years.<\/p>\n

\u201cThis is not just a handout for people that want to come in and flip houses,\u201d she said. \u201cThis is really intended to try to build neighborhoods.\u201d<\/p>\n

Carol Bodeen of the Nebraska Housing Developers Association also testified in support. She said the credit helps potential buyers who intend to live in a qualifying residence compete with out-of-state investors.<\/p>\n

No one testified in opposition to LB566 and the committee took no immediate action on it.<\/p>\n","protected":false},"excerpt":{"rendered":"

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