School District Property Tax Relief Credit Fund; created; use; investment; fund transfers

(1) The School District Property Tax Relief Credit Fund is created. The fund shall only be used pursuant to the School District Property Tax Relief Act. Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.

(2)(a) The State Treasurer shall transfer seven hundred fifty million dollars from the General Fund to the School District Property Tax Relief Credit Fund in fiscal year 2024-25, on such dates and in such amounts as directed by the budget administrator of the budget division of the Department of Administrative Services.

(b) Beginning in fiscal year 2025-26, it is the intent of the Legislature that an amount sufficient to provide the amount of property tax relief required by subdivision (1)(a) of section 77-7305 for each tax year be transferred from the General Fund to the School District Property Tax Relief Credit Fund.