LINCOLN, Nebraska (KLKN) – Nebraska lawmakers took another step toward passing a property tax relief plan during their special session Friday.

By a vote of 39 to 8, Senators brought Bill 34 to the final round of debate.

The bill would limit annual increases in local governments’ property tax revenues to the rate of inflation.

SEE ALSO: Where is the property tax relief for casinos in Nebraska?

Additionally, $750 million is earmarked this year for tax credits to offset property taxes paid to schools, an amount that would increase each year.

And the bill changes the way Nebraskans receive such tax credits.

Currently, you must declare this when filing your income tax return.

But under LB 34 they would appear on your property tax return.

SEE ALSO: Committee advances property tax relief plan in Nebraska Legislature

In the second round of debates, the state parliament also proposed a constitutional amendment.

This measure (Legislative Resolution 2CA) would open the door to changes in home valuation.

Under the constitution, county assessors must determine the value of homes at 100% of their actual market value.

However, if the amendment is passed, the legislature would have the authority to lower that rate.

SEE ALSO: A Zyn tax: Nebraska lawmakers consider levy on alternative nicotine products