108th Legislature, 2nd Session The Legislature continues to process legislation carried over from the 2023 session with many bills advancing to Select File and a few, including a bill requiring two-man crews for trains (LB 31) and a bill to change the daylight savings time system (LB 143), failing to garner sufficient votes to advance. The deadline (February 15) for designating individual and Committee priorities is rapidly approaching, with the Speaker required to designate his 25 priority bills by February 20. The bills designated as priorities will no doubt dominate the balance of the session, along with debate on biennium budget adjustments advanced by the Appropriations Committee. NBA Bills Sent to GovernorThe Legislature gave final approval on Thursday morning to the following bills on the NBA Affirmative Legislative agenda: LB 94 - UCC Article 12 Introduced by Senator Julie Slama (Dunbar), LB 94 would adopt Uniform Commercial Code, Article 12, relating to controllable electronic records. LB 279 - Executive Officer Reporting Requirements Senator Kathleen Kauth (Omaha) introduced LB 279, which would eliminate the requirement for executive officers to make annual reports regarding the amount of loans or indebtedness on which he or she is a borrower, cosigner, or guarantor, the security therefor, and the purpose for which the proceeds have been or are to be used. The bill retains flexibility for the Board of Directors to obtain a credit report for its executive officers on an annual basis. NBA-Supported Bills AdvanceThe following bills, supported by the NBA, were advanced from General File to Select File following floor debate during the past week: LB 989 - Appraisal Management Company Registration Act/Real Property Appraiser Act A measure introduced by Senator George Dungan (Lincoln), LB 989 would make a series of technical changes to the Real Property Appraiser Act and Nebraska Appraisal Management Company Registration Act and provide civil and criminal immunity for members of the Real Property Appraiser Board. (NBA Position: Support) LB 992 - Real Property Appraiser Act Also introduced by Senator Dungan, LB 992 would make “technical corrections” to the existing Real Property Appraiser Act to remain in compliance with the Appraiser Qualification Board’s Real Property Appraiser Qualification Criteria. (NBA Position: Support) NBA Affirmative Legislation HearingsThe NBA presented testimony on the following bills on the NBA Affirmative Legislative agenda which were heard before the Banking, Commerce and Insurance Committee on February 5: LB 872 - Central-Bank Digital Currency Introduced by Senator Rob Clements (Elmwood), LB 872 would prohibit political subdivisions or state agencies from accepting a central-bank digital currency as a method of cash payment of any tax, levy, excise, duty, custom, toll, interest, penalty, fine, license, fee, or assessment of whatever kind or nature. LB 1122 - Misleading Advertisements/Solicitations Senator Beau Ballard (Lincoln) is the sponsor of LB 1122, which would increase the maximum fine that the Department of Banking can impose for violations involving misleading advertisements or solicitation of bank customers from $1,000 to $5,000. Current law places restrictions on the ability of any person to include the name, trade name, logo or symbol of a financial institution in a written solicitation for financial products or services directed to a consumer who has obtained a loan from the financial institution without the consent of the financial institution, unless the solicitation clearly and conspicuously states that the person is not sponsored or affiliated with a financial institution and that the solicitation is not authorized by the financial institution. LB 1176 - Public Entities Pooled Investment Act Senator Dungan has introduced LB 1176, which would establish investment priorities, customer disclosures and restrictions on investments for political subdivision investment pools. The bill would specifically limit investments by a political subdivision investment pool in commercial paper to commercial paper a) issued by a United States corporation; b) with a stated maturity of 270 days or fewer from its date of issuance; and c) which is rated in the highest quality category by at least two nationally recognized rating agencies. In addition, the bill would limit investments in commercial paper by a political subdivision investment pool to no more than 40% of the total funds eligible for investment and to no more than 5% of the total funds available for investment in commercial paper of a single issuer. Committee Hearing ActivityThe NBA presented testimony on the following bills that were heard before various committees this week: February 5 Banking, Commerce and Insurance Committee LB 1332 - Prepaid Card Consumer Protection Act LB 1332, also introduced by Senator Dungan, would prohibit the charging of any fee, including a maintenance, service, or inactivity fee on a prepaid card (record that contains a microprocessor chip, magnetic strip, or other storage medium that is prefunded and for which the value is adjusted upon each use), or the placement of an expiration date on a prepaid card or otherwise limit the time for redemption for a prepaid card. (NBA Position: Oppose) Business and Labor Committee LB 961 - Noncompete Agreements Introduced by Senator Dungan, LB 961 would prohibit an employer with one or more employees (other than government employers) from entering into a noncompete agreement with a lower-wage employee (employee who earns no more than $100,000 per year). (NBA Position: Oppose) LB 1213 - Paid Family Leave/School Related Activities Leave Introduced by Senator Lynne Walz, LB 1213 would require any employer or with 15 or more employees to provide a minimum of 20 hours of paid school activities leave (leave taken by an employee for school-related activities of a family member, including, but not limited to, parent-teacher conferences, disciplinary meetings or proceedings, extracurricular or athletic competition or events, volunteer activities, and orientation programs) in each calendar year. (NBA Position: Oppose) February 7 Revenue Committee LB 1315 - Sales Tax Introduced by Senator Lou Ann Linehan (Elkhorn), LB 1315 would increase the state sales tax and use rate from 5.5% to 6.5%, commencing October 1, 2024. (NBA Position: Oppose) Upcoming HearingsFebruary 12 Banking, Commerce and Insurance Committee LB 873 - Real Estate Closing/Good Funds LB 873, also introduced by Senator Ballard, would authorize use of real-time or instant payments through the FedNow service of the United States Federal Reserve system, or through the RTP network of the Clearinghouse Payments Company LLC for purposes of the good funds requirement associated with real estate closings and would increase from $500 to $5,000 of the amount of funds that need not be available for disbursement from good funds. (NBA Position: Support) LB 1135 - Right-to-List Home Sale Agreements Introduced by Senator Robert Dover (Norfolk), LB 1135 would make void and unenforceable any right-to-list home sale agreement (an agreement by the owner of residential real estate providing another person with the exclusive right to list real estate for sale at a future date in exchange for monetary consideration which purports to be a lien, encumbrance or other real property security interest) or lien or encumbrance resulting from such an agreement which is presented for recording, or recorded in the office of the register of deeds or county clerk. (NBA Position: Support) February 14 Appropriations Committee LB 889 - Rural Workforce Housing Investment Act LB 889, introduced by Senator Tony Vargas (Omaha), would appropriate $25 million from the General Fund for fiscal year 2024-25 to the Department of Economic Development for the Rural Workforce Housing Investment Act. (NBA Position: Support) LB 897 - Rural Workforce Housing Investment Act Introduced by Senator Loren Lippincott (Central City), LB 897 would appropriate $20 million from the General Fund for fiscal year 2024-25 to the Department of Economic Development for the purposes of the Rural Workforce Housing Investment Act. (NBA Position: Support) LB 1039 - Middle-Income Workforce Housing Investment Act and Rural Workforce Housing Investment Act Senator Vargas also introduced LB 1039, which would appropriate $25 million from the General Fund for fiscal year 2024 and 2025 to the Department of Economic Development for the Middle-Income Workforce Housing Investment Act and $25 million for the Rural Workforce Housing Investment Act. (NBA Position: Support) Sign Up for Virtual Legislative Reviews During the Legislative SessionThe next NBA Government Relations team virtual Legislative Update is Monday, February 26, at 9:00 a.m. CT. Register for the overview of legislation introduced this legislative session that may affect the banking industry. 108th Legislature, 2nd Session The Legislature has completed just over one third of the 2024 legislative session, as lawmakers adjourned on Friday. The initial filibuster of the year on a bill (LB 31) requiring train crews of at least two individuals was winding down as we went to press. The package of bills constituting the Governor's 40% property tax relief proposal encountered rough sledding throughout the week as multiple opponents submitted online comments and lined up to testify on Tuesday against a bill that would provide for approximately 250 million in transfers from State Agency Cash Funds to the General Fund (LB 1413). Political subdivisions railed against a proposal on Thursday that would have revised property tax levy limits (LB 1141), and school districts were out in force to oppose a bill to eliminate the ability of school districts to override levy limits with a 70% vote (LB 1318). Representatives of the business community also voiced their objections to a series of bills heard on Thursday that would have repealed existing sales tax exemptions or impose new taxes on items such as soda and candy, advertising, accounting, and legal services, as well as repair and replacement parts for agricultural machinery and equipment. NBA Bills to Be HeardThe following bills on the NBA affirmative legislative agenda will be heard before the Banking , Commerce and Insurance Committee on February 5. LB 872 - Central-Bank Digital Currency Introduced by Senator Rob Clements (Elmwood), LB 872 would prohibit political subdivisions or state agencies from accepting a central-bank digital currency as a method of cash payment of any tax, levy, excise, duty, custom, toll, interest, penalty, fine, license, fee, or assessment of whatever kind or nature. LB 1122 - Misleading Advertisements/Solicitations Senator Beau Ballard (Lincoln) is the sponsor of LB 1122, which would increase the maximum fine that the Department of Banking can impose for violations involving misleading advertisements or solicitation of bank customers from $1,000 to $5,000. Current law places restrictions on the ability of any person to include the name, trade name, logo or symbol of a financial institution in a written solicitation for financial products or services directed to a consumer who has obtained a loan from the financial institution without the consent of the financial institution, unless the solicitation clearly and conspicuously states that the person is not sponsored or affiliated with a financial institution and that the solicitation is not authorized by the financial institution. LB 1176 - Public Entities Pooled Investment Act Senator George Dungan (Lincoln) has introduced LB 1176, which would establish investment priorities, customer disclosures and restrictions on investments for political subdivision investment pools. The bill would specifically limit investments by a political subdivision investment pool in commercial paper to commercial paper a) issued by a United States corporation; b) with a stated maturity of 270 days or fewer from its date of issuance; and c) which is rated in the highest quality category by at least two nationally recognized rating agencies. In addition, the bill would limit investments in commercial paper by a political subdivision investment pool to no more than 40% of the total funds eligible for investment and to no more than 5% of the total funds available for investment in commercial paper of a single issuer. A "Background Paper" setting forth additional information and talking points accompanies this NBA Legislative Update for your assistance in contacting members of the Banking, Commerce and Insurance Committee to encourage your support for the measure. Committee Hearing ActivityThe NBA presented testimony before various committees on the following legislative bills: January 30 Agriculture Committee LB 1116 - Grocer Reinvestment Act Introduced by Senator Teresa Ibach (Sumner), LB 1116 would authorize the Department of Agriculture to make loans, grants, and forgivable loans to designated grocery store businesses in low - and moderate - communities for investments to expand or improve access to perishable nutritionist foods covering expenses for capital improvements, energy efficiency measures, repair and maintenance of buildings and equipment, purchases of equipment and furnishings, and technical assistance. The NBA proposed an amendment that would require loans of $10,000 or more to involve bank participation. Bank participation would be determined by the contract would provide flexibility to consider a traditional loan participation, a loan guarantee or an interest rate buy down program, similar to the Nebraska Dollar and Energy Saving Loan Program administered by the Nebraska Department of Environment and Energy. (NBA Position: Support) Banking, Commerce and Insurance Committee LB 955 - Gift Certificate/Gift Card Customer Notices Introduced by Senator Eliot Bostar (Lincoln), LB 955 would require any business entity selling a gift certificate or gift card to a purchaser, to include a notice at the location where the sale occurs, which provides: “Protect yourself from prepaid card scams, including requests related to lotteries, taxes, employment status, or utility payments. Do not provide any prepaid card information to someone you do not know, including the PIN number or card number. If you feel that you are a victim of fraud, contact local law enforcement.” The bill would require any business entity which has an electronic payment system screen to provide notice on the screen prior to the purchaser finalizing payment or if the entity does not have an electronic payment system screen or does not wish to provide notice in this manner, notice must be posted in a conspicuous manner in the location where the sale occurs. Senator Bostar and supporters of the bill have agreed to an amendment that would exclude bank-issued general-use prepaid cards from the provisions of LB 955. (NBA Position: Support with amendments) LB 1074 - Omnibus Department of Banking Bill Senator Julie Slama (Dunbar), Chair of the Banking, Commerce and Insurance Committee, has introduced LB 1074 which would renew the annual bank and savings and loan "wild-card" provisions. (NBA Position: Support) LB 1294 - Data Privacy Act Senator Bostar has also introduced a measure which would grant data privacy protections to any individual or business a) conducting business in Nebraska or producing a product or service consumed by residents of Nebraska; b) processing or engaging in the sale of personal data; or c) not a small business as defined by the United States Small Business Administration. The bill would exclude any financial institution, affiliate of the financial institution, or data subject to Title V of the Gramm-Leach-Bliley Act. (NBA Position: Support) Appropriations Committee LB 1413 - Appropriations-Cash Transfers Introduced by Speaker John Arch (La Vista), LB 1413 would provide for a series of transfers from various state agency Cash Funds to the General Fund, including $2 million in fiscal year 2024 and 2025 from the Financial Institution Assessment Cash Fund to the General Fund. The bill would also transfer $25 million from the Affordable Housing Trust Fund to the Rural Workforce Housing Investment Fund in fiscal year 2025. NBA Associate General Counsel Ryan McIntosh appeared before the Appropriations Committee to express the preference of the NBA to provide additional Rural Workforce Housing funding from the General Fund, rather than through a transfer from the Affordable Housing Trust Fund and entered the NBA’s opposition to the proposed transfer from the Financial Institution Assessment Cash Fund to the General Fund. (NBA Position: Support additional rural workforce housing funding and oppose financial institution assessment cash fund transfer) Urban Affairs Committee LB 948 - Community Development Law/Prevailing Wage Introduced by Senator Mike McDonnell (Omaha), LB 948 would require a redevelopment contract for redevelopment plan or redevelopment project under the Community Development Law to include a provision requiring that any laborers and mechanics employed by the redeveloper or by any contractor or subcontractor to perform construction work for the project be paid wages at rates not less than the prevailing rates for construction of a similar character in the locality in which the redevelopment project is located. (NBA Position: Oppose) February 1 Government, Military & Veterans Affairs Committee LB 925 - Firearm Industry Nondiscrimination Act Senator Ray Aguilar (Grand Island) is the sponsor of this legislation which would prohibit governmental entities from entering into a contract with any company engaged in discriminating against firearm entities for contracts worth at least $100,000 that are to be paid, in whole or in part, by a governmental entity. NBA General Counsel Bob Hallstrom expressed opposition to the bill suggesting that government should not interject itself into the free-market system. Banks should be free to lend to, invest in, and generally do business with any entity or activity that is legal, without government interference. Banks should also be free not to lend, invest, or otherwise engage so long as they do not violate statutory, regulatory, fair lending or other anti-discrimination laws. (NBA Position: Oppose) Revenue Committee LB 1308 - Sales Tax on Services Introduced by Senator Brad von Gillern (Elkorn), LB 1308 would impose the sales and use tax upon accounting services and repair and replacement parts for agricultural machinery. (NBA Position: Oppose) LB 1345 - Sales Tax on Services Introduced by Justin Wayne (Omaha), LB 1345 would impose the sales and use tax on legal services performed in the furtherance of a business enterprise. (NBA Position: Oppose) LB 1354 - Advertising Services Tax Act Also introduced by Senator Joni Albrecht (Thurston), LB 1354 would impose a 7.5% sales tax on companies that derive more than $1 billion in gross advertising revenue. (NBA Position: Oppose) February 2 Government, Military & Veterans Affairs Committee LB 1400 - Relocation Incentive Act Introduced by Senator Beau Ballard (Lincoln), LB 1400 would authorize a refundable income tax credit equal to 50% of the relocation expenses paid by an employer for a qualifying employee (individual moving to Nebraska to accept a position of employment) not to exceed a maximum credit of $5,000 per qualifying employee. The bill would require a qualifying employee to receive an annual salary of at least $70,000 and not more than $250,000 per year and would subject the tax credit to recapture if the employee moves out-of-state within two years after the credit is claimed. (NBA Position: Support) LB 1415 - Property Tax Relief Introduced by Senator Robert Dover (Norfolk), LB 1415 would provide state funding directly to school districts, counties, cities, and villages in exchange for direct property tax relief. (NBA Position: Support) Upcoming Committee HearingsThe following bills will be heard before various committees next week: February 5 Banking, Commerce and Insurance Committee LB 1332 - Prepaid Card Consumer Protection Act LB 1332, also introduced by Senator Dungan, would prohibit the charging of any fee, including a maintenance, service, or inactivity fee on a prepaid card (record that contains a microprocessor chip, magnetic strip, or other storage medium that is prefunded and for which the value is adjusted upon each use) or the placement of an expiration date on a prepaid card or otherwise limit the time for redemption for a prepaid card. (NBA Position: Oppose) Business and Labor Committee LB 961 - Noncompete Agreements Introduced by Senator George Dungan (Lincoln), LB 961 would prohibit an employer with one or more employees (other than government employers) from entering into a noncompete agreement with a lower-wage employee (employee who earns no more than $100,000 per year). (NBA Position: Oppose) LB 1213 - Paid Family Leave/School Related Activities Leave Introduced by Senator Lynne Walz, LB 1213 would require any employer or with 15 or more employees to provide a minimum of 20 hours of paid school activities leave (leave taken by an employee for school-related activities of a family member, including, but not limited to, parent-teacher conferences, disciplinary meetings or proceedings, extracurricular or athletic competition or events, volunteer activities, and orientation programs) in each calendar year. (NBA Position: Oppose) Sign Up for Virtual Legislative Reviews During the Legislative SessionThe next NBA Government Relations team virtual Legislative Update is Monday, February 26, at 9:00 a.m. CT. Register for the overview of legislation introduced this legislative session that may affect the banking industry. Background PaperIssue: Political Subdivision Investment Pools (LB 1176) NBA Position: Support Background: LB 1176 would establish investment priorities, customer disclosures and restrictions on investments for political subdivision investment pools. The bill would specifically limit investments by a political subdivision investment pool in commercial paper to commercial paper a) issued by a United States corporation; b) with a stated maturity of 270 days or fewer from its date of issuance; and c) which is rated in the highest quality category by at least two nationally recognized rating agencies. In addition, the bill would limit investments in commercial paper by a political subdivision investment pool to no more than 40% of the total funds eligible for investment and to no more than 5% of the total funds available for investment in commercial paper of a single issuer. Arguments in opposition to LB 925
Banking, Commerce and Insurance Committee
Julie Slama (District 1), Chairperson jslama@leg.ne.gov | (402) 471-2733 Ray Aguilar (District 35) raguilar@leg.ne.gov | (402) 471-2617 Beau Ballard (District 21) bballard@leg.ne.gov | (402) 471-2673 Eliot Bostar (District 29) ebostar@leg.ne.gov | (402) 471-2734 George Dungan (District 26) gdungan@leg.ne.gov | (402) 471-2610 Mike Jacobson (District 42) mjacobson@leg.ne.gov | (402) 471-2729 Kathleen Kauth (District 31) kkauth@leg.ne.gov | (402) 471-2327 Brad von Gillern (District 4) bvongillern@leg.ne.gov | (402) 471-2621 108th Legislature, 2nd Session Floor Debate/Committee Hearings CommenceLawmakers returned to business on Monday to begin floor debate on priority bills and legislation carried over from the 2023 legislative session. Floor debate will be conducted during the morning sessions, with committee hearings being held in the afternoons through the end of February, at which time full-day legislative debate will begin. While the deadline for designating priority bills has been set for February 14, the body has already advanced six individual senator priority bills, one committee priority bill and three Speaker priority bills to Select File. The Legislature, prior to adjourning last Friday, adopted an additional amendment to the Legislature’s rules, limiting the number of bills that a Senator may introduce each session. Under the amended rule, Senators will only be allowed to introduce 20 bills, and committees will be limited to introducing 10 bills each session. Lawmakers ran out of time to take up other more controversial rule changes, including a measure to lower the 33-vote threshold for a motion to invoke cloture and cease debate and a proposed rule change that would've barred the news media from observing and reporting on executive sessions of legislative committees. NBA Bills AdvanceThe following NBA Affirmative Legislative bills were debated on the floor of the Legislature late Friday morning and advanced from Select File to Final Reading: LB 94 - UCC Article 12 Introduced by Senator Julie Slama (Dunbar), LB 94 would adopt Uniform Commercial Code, Article 12, relating to controllable electronic records. (NBA Position: Support) LB 279 - Executive Officer Reporting Requirements Senator Kathleen Kauth (Omaha) introduced LB 279, which would eliminate the requirement for executive officers to make annual reports regarding the amount of loans or indebtedness on which he or she is a borrower, cosigner, or guarantor, the security therefor, and the purpose for which the proceeds have been or are to be used. The bill retains flexibility for the Board of Directors to obtain a credit report for its executive officers on an annual basis. (NBA Position: Support) Committee Hearing ActivityThe NBA presented testimony before various Committees during the past week on the following bills: Banking, Commerce and Insurance Committee LB 989 - Appraisal Management Company Registration Act/Real Property Appraiser Act A measure introduced by Senator George Dungan (Lincoln), LB 989 would make a series of technical changes to the Real Property Appraiser Act and Nebraska Appraisal Management Company Registration Act and provide civil and criminal immunity for members of the Real Property Appraiser Board. (NBA Position: Support) LB 992 - Real Property Appraiser Act Also introduced by Senator Dungan, LB 992 would make “technical corrections” to the existing Real Property Appraiser Act to remain in compliance with the Appraiser Qualification Board’s Real Property Appraiser Qualification Criteria. (NBA Position: Support) Natural Resources Committee LB 868 - Petroleum Release Remedial Action Cash Fund Introduced by Senator Bruce Bostelman (Brainard), LB 868 would extend the sunset date for the fund from June 30, 2024, to June 30, 2028. (NBA Position: Support) Revenue Committee LB 1059 - Pass-Through Entity Salt Workaround Senator Lou Ann Linehan (Elkhorn) has introduced LB 1059, which would clarify that the income tax credit available for members of pass-through entities is allowed for the same taxable year for which the election is made, without regard to the year in which the taxes paid to Nebraska are deducted on the Federal income tax return. The bill would also allow the pass-through entity tax election to be made on the applicable income tax return. (NBA Position: Support) Upcoming Committee HearingsJanuary 30, 2024 Banking, Commerce and Insurance Committee LB 1074 - Omnibus Department of Banking Bill Senator Slama, Chair of the Banking, Commerce and Insurance Committee, has introduced LB 1074 which would renew the annual bank and savings and loan "wild-card" provisions. (NBA Position: Support) LB 1294 - Data Privacy Act Senator Eliot Bostar has introduced a measure which would grant data privacy protections to any individual or business a) conducting business in Nebraska or producing a product or service consumed by residents of Nebraska; b) processing or engaging in the sale of personal data; or c) not a small business as defined by the United States Small Business Administration. The bill would exclude any financial institution or data subject to Title V of the Gramm-Leach-Bliley Act. (NBA Position: Support) Appropriations Committee LB 1413 - Appropriations-Cash Transfers Introduced by Speaker John Arch (La Vista) LB 1413 would provide for a series of transfers from various state agency Cash Funds to the General Fund, including $2 million in fiscal year 2024 and 2025 from the Financial Institution Assessment Cash Fund to the General Fund. The bill would also transfer $25 million from the Affordable Housing Trust Fund to the Rural Workforce Housing Investment Fund in fiscal year 2025. (NBA Position: Support additional RWH funding and oppose financial institution assessment cash fund transfer) January 31, 2024 Appropriations Committee LB 1077 - Workforce Development and Career Readiness Programs Introduced by Senator Mike McDonnell (Omaha), LB 1077 would appropriate $2 million from the General Fund for fiscal year 2024-25 to the Department of Labor to provide grants for workforce development and career readiness, to be used for facility expansion. The bill would also require a one-to-one match of private funding for the facility expansion with grant funds to be evenly distributed between the Nebraska congressional districts. (NBA Position: Support) February 1, 2024 Government, Military and Veterans Affairs Committee LB 925 - Firearm Industry Nondiscrimination Act Senator Ray Aguilar (Grand Island) is the sponsor of this legislation which would prohibit governmental entities from entering into a contract with any company engaged in discriminating against firearm entities for contracts worth at least $100,000 that are to be paid, in whole or in part, by a governmental entity. A “Background Paper” setting forth additional information and talking points accompanies this NBA Legislative Update for your assistance in contacting members of the Gov't, Military and Veterans Affairs Committee to encourage opposition to the measure. Revenue Committee LB 1308 - Sales Tax on Services Introduced by Senator Brad von Gillern (Elkorn) LB 1308 would impose the sales and use tax upon accounting services and repair and replacement parts for agricultural machinery. (NBA Position: Oppose) LB 1310 - Advertising Services Tax Act Introduced by Senator Joni Albrecht (Thurston) LB 1310 would impose a 7.5% sales tax on companies that derive more than $1 billion in gross advertising revenue and would also eliminate the sales and use tax exemption for sales of lottery tickets. (NBA Position: Oppose) LB 1311 - Sales Tax on Services Introduced by Senator Fred Meyer (St. Paul) LB 1311 would impose the sales and use tax on motor vehicle cleaning services, pet-related services, and storage and moving services. (NBA Position: Oppose) LB 1319 - Sales Tax/Data Centers Also Introduced by Senator Lou Ann Linehan (Elkhorn) LB 1319 would eliminate the existing sales tax exemption for data centers. (NBA Position: Oppose) LB 1345 - Sales Tax on Services Introduced by Justin Wayne (Omaha) LB 1345 would impose the sales and use tax on legal services performed in the furtherance of a business enterprise. (NBA Position: Oppose) LB 1349 - Sales Tax on Services Introduced by Senator Dave Murman (Glenvil) LB 1349 would impose the sales and use tax on dry cleaning and laundry services, as well as single ticket zoo and aquarium admissions. (NBA Position: Oppose) LB 1354 - Advertising Services Tax Act Also introduced by Senator Joni Albrecht (Thurston) LB 1354 would impose a 7.5% sales tax on companies that derive more than $1 billion in gross advertising revenue. (NBA Position: Oppose) February 2, 2024 Revenue Committee LB 1400 - Relocation Incentive Act Introduced by Senator Beau Ballard (Lincoln) LB 1400 would authorize a refundable income tax credit equal to 50% of the relocation expenses paid by an employer for a qualifying employee (individual moving to Nebraska to accept a position of employment) not to exceed a maximum credit of $5,000 per qualifying employee. The bill would require a qualifying employee to receive an annual salary of at least $70,000 and not more than $250,000 per year and would subject the tax credit to recapture if the employee moves out-of-state within two years after the credit is claimed. (NBA Position: Support) LB 1415 - Property Tax Relief Introduced by Senator Robert Dover (Norfolk) LB 1415 would provide state funding directly to school districts, counties, cities, and villages in exchange for direct property tax relief. (NBA Position: Support) Sign Up for Virtual Legislative Reviews During the Legislative SessionThe next NBA Government Relations team virtual Legislative Update is Monday, January 29, at 9:00 a.m. CT. Register for the overview of legislation introduced this legislative session that may affect the banking industry. Government Relations Forum A SuccessOver 60 bankers were in attendance at the NBA Government Relations Forum on Thursday, January 25. Bankers enjoyed lunch with 28 state senators and presentations by Kelly Lammers, Director of the Department of Banking and Finance; State Senators Julie Slama, Mike Jacobson and Rob Clements; and Governor Jim Pillen. NBA General Counsel Bob Hallstrom provided an overview of the legislative session activities and a review of the bills of interest to the NBA. Background Paper |
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