Neb. Voters OK Extending Tax Increment Financing Debt

Nebraska voters approved a constitutional amendment Tuesday that authorizes the state Legislature to allow municipalities to increase the maximum repayment period for tax-increment financing debt for certain rehabilitation projects.

Voters approved Proposed Amendment 2, increasing the maximum repayment period for TIF debt in the Nebraska Constitution to 20 years from 15 years for certain properties. Under the amendment, the longer repayment period will apply if more than half of a property in a project area qualifies as extremely blighted because of high rates of unemployment and poverty.

As of late Tuesday, the amendment was approved 62% to 38% with nearly 80% of the votes reported.

The Nebraska Legislature approved the question for the ballot in April 2019. The resolution, L.R. 14CA, was sponsored by Sen. Justin Wayne of Omaha.

--Additional reporting by Eli Flesch. Editing by Joyce Laskowski.

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