(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) It is the intent of the Legislature that seven hundred eighty million dollars be transferred from the General Fund to the School District Property Tax Relief Credit Fund in fiscal year 2025-26.

(c) It is the intent of the Legislature that eight hundred eight million dollars be transferred from the General Fund to the School District Property Tax Relief Credit Fund in fiscal year 2026-27.

(d) It is the intent of the Legislature that eight hundred thirty-eight million dollars be transferred from the General Fund to the School District Property Tax Relief Credit Fund in fiscal year 2027-28.

(e) It is the intent of the Legislature that eight hundred seventy million dollars be transferred from the General Fund to the School District Property Tax Relief Credit Fund in fiscal year 2028-29.

(f) It is the intent of the Legislature that nine hundred two million dollars be transferred from the General Fund to the School District Property Tax Relief Credit Fund in fiscal year 2029-30.

(g) It is the intent of the Legislature that the amount transferred from the General Fund to the School District Property Tax Relief Credit Fund in fiscal year 2030-31 and each fiscal year thereafter be equal to the total amount transferred in the preceding fiscal year increased by three percent.