Nebraska Statutes 77-27,132. Revenue Distribution Fund; created; use; collections under act; disposition
(1) There is hereby created a fund to be designated the Revenue Distribution Fund which shall be set apart and maintained by the Tax Commissioner. Revenue not required to be credited to the General Fund or any other specified fund may be credited to the Revenue Distribution Fund. Credits and refunds of such revenue shall be paid from the Revenue Distribution Fund. The balance of the amount credited, after credits and refunds, shall be allocated as provided by the statutes creating such revenue.
Terms Used In Nebraska Statutes 77-27,132
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease: includes agreements covering motor vehicles and trailers where the amount of consideration may be increased or decreased by reference to the amount realized upon sale or disposition of the property as defined for federal income tax purposes. See Nebraska Statutes 77-2701.18
- Property: means all tangible and intangible property that is subject to tax under subsection (1) of section Nebraska Statutes 77-2701.27
- Sale: means any transfer of title or possession or segregation in contemplation of transfer of title or possession, exchange, barter, lease, or rental, conditional or otherwise, in any manner or by any means, of property for a consideration or the provision of service for a consideration. See Nebraska Statutes 77-2701.33
- Sales: means all gross receipts of the taxpayer, except:
(a) Income from discharge of indebtedness. See Nebraska Statutes 77-2734.04
- State: means any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States, and any foreign country or political subdivision thereof. See Nebraska Statutes 77-2734.04
- Tax Commissioner: means the Tax Commissioner of the State of Nebraska. See Nebraska Statutes 77-2701.40
- Use: means the exercise of any right or power over property incident to the ownership or possession of that property, except that use does not include the sale of that property in the regular course of business or the exercise of any right or power over property which will enter into or become an ingredient or component part of property manufactured, processed, or fabricated for ultimate sale at retail. See Nebraska Statutes 77-2701.42
(2) The Tax Commissioner shall pay to a depository bank designated by the State Treasurer all amounts collected under the Nebraska Revenue Act of 1967. The Tax Commissioner shall present to the State Treasurer bank receipts showing amounts so deposited in the bank, and of the amounts so deposited the State Treasurer shall:
(a)(i) For transactions occurring on or after October 1, 2014, and before July 1, 2024, credit to the Game and Parks Commission Capital Maintenance Fund all of the proceeds of the sales and use taxes imposed pursuant to section 77-2703 on the sale or lease of motorboats as defined in section 37-1204, personal watercraft as defined in section 37-1204.01, all-terrain vehicles as defined in section 60-103, and utility-type vehicles as defined in section 60-135.01 ; and
(ii) For transactions occurring on or after July 1, 2024, credit to the Game and Parks Commission Capital Maintenance Fund all of the proceeds of the sales and use taxes imposed pursuant to section 77-2703 on the sale or lease of motorboats as defined in section 37-1204, personal watercraft as defined in section 37-1204.01, all-terrain vehicles as defined in section 60-103, and utility-type vehicles as defined in section 60-135.01, and from such proceeds, transfers shall be made to the Nebraska Emergency Medical System Operations Fund as provided in section 37-327.02 ;
(b) Credit to the Highway Trust Fund all of the proceeds of the sales and use taxes derived from the sale or lease for periods of more than thirty-one days of motor vehicles, trailers, and semitrailers, except that the proceeds equal to any sales tax rate provided for in section 77-2701.02 that is in excess of five percent derived from the sale or lease for periods of more than thirty-one days of motor vehicles, trailers, and semitrailers shall be credited to the Highway Allocation Fund;
(c) For transactions occurring on or after July 1, 2013, and before July 1, 2042, of the proceeds of the sales and use taxes derived from transactions other than those listed in subdivisions (2)(a), (b), and (e) of this section from a sales tax rate of one-quarter of one percent, credit monthly eighty-five percent to the Highway Trust Fund and fifteen percent to the Highway Allocation Fund;
(d) Of the proceeds of the sales and use taxes derived from transactions other than those listed in subdivisions (2)(a), (b), and (e) of this section, credit to the Property Tax Credit Cash Fund the amount certified under section 77-27,237, if any such certification is made; and
(e) For transactions occurring on or after July 1, 2023, credit to the Department of Transportation Aeronautics Capital Improvement Fund all of the proceeds of the sales and use taxes imposed pursuant to section 77-2703 on the sale or lease of aircraft as defined in section 3-101.
The balance of all amounts collected under the Nebraska Revenue Act of 1967 shall be credited to the General Fund.