Signed by Governor Dave Heineman

Vote Smart's Synopsis:

Vote to pass a bill that provides property and low-income tax credits, provides tax benefits for those instituting alternative power sources, and eliminates other taxes.

Highlights:

-Provides property tax credits totaling $105 million for 2007 and $115 million for 2008, and distributes the credits according to the real property valuation (sec. 4). -Removes the estate tax, effective for all decedents dying after January 1, 2007 (sec. 6). -Prohibits a sales and use tax from being imposed on a community-based wind energy development project (sec. 11). -Raises the income tax credit for lower-income individuals from eight percent to ten percent of the federal credit allowed (sec. 20). -Establishes the standard income tax deduction for married couples filing jointly as double the standard deduction for single individuals (sec. 21). -Establishes a renewable energy tax credit of 0.1 cent for electricity generated by new zero-emission facilities between October 1, 2007 and January 1, 2010 (sec. 24).

Full Bill Text