Legislative report 2018

Legislative report 2018

The 105th Legislature, Second Session of the Unicameral, started in January. There were over 500 bills added to the 667 bills introduced in the First Session. The Nebraska Association of Commercial Property Owners (NACPO) has identified 84 bills that affect commercial and investment real estate. NACPO is actively monitoring, supporting or opposing these bills. Major issues fall into two main categories: Taxes and Development/Tax Credits. Tax bills are covered in the local news almost daily. Two bills affect real estate sales. One bill would impose a 1 percent fee on the sale price, and the other would raise the documentary stamp fee by 50 cents to $2.75 per $1,000. NACPO opposes both bills and is monitoring other tax bills.

NACPO is opposed to most Development/Tax Credit bills. However, NACPO supports LR16CA (Constitutional Amendment), which allows a 20-year TIF period in cases of extremely blighted properties.

Additionally, there are bills concerning the appeals on property valuations. One bill, sponsored by NACPO, would switch the burden of proof of a valuation to the County Assessor rather than the taxpayer. Other bills would make changes to Tax Equalization and Review Commission (TERC) rules. For questions about legislative issues, please contact John Dickerson at 402-778-7521. John is the current President of the Nebraska Association of Commercial Property Owners.

By John Dickerson, CPM

This article appeared in our quarterly newsletter from March of 2018. The full newsletter is available at http://files.investorsomaha.com/download/IR_Newsletter_March_2018.pdf