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Bill > LB873

NE LB873

NE LB873
Change provisions relating to corporate and individual income taxes, taxation of social security benefits, and property tax credits

summary

Introduced
01/07/2022
In Committee
01/11/2022
Crossed Over
03/30/2022
Passed
04/05/2022
Dead
Signed/Enacted/Adopted
04/13/2022

Introduced Session

107th Legislature

Bill Summary

A BILL FOR AN ACT relating to revenue and taxation; to amend section 77-2715.03, Reissue Revised Statutes of Nebraska, sections 77-6701 and 77-6702, Revised Statutes Cumulative Supplement, 2020, and sections 77-2716, 77-2734.02, and 77-6703, Revised Statutes Supplement, 2021; to change individual and corporate income tax rates; to change provisions relating to the taxation of benefits received under the federal Social Security Act and the calculation of tax credits under the Nebraska Property Tax Incentive Act; to authorize additional tax credits under the Nebraska Property Tax Incentive Act; to define and redefine terms; to harmonize provisions; and to repeal the original sections.

AI Summary

This bill proposes several changes to Nebraska's tax laws: It lowers the top individual income tax rate from 6.84% to 5.84% over a period of several years, and also makes adjustments to the income tax brackets and rates. It expands the deduction for Social Security benefits received by Nebraska residents, increasing the percentage of benefits that can be excluded from state taxable income over time. The bill also creates a new refundable income tax credit for property taxes paid on community college levies, in addition to the existing credit for school district property taxes. Additionally, it reduces the corporate income tax rate on taxable income over $100,000. Overall, the bill aims to provide tax relief for both individual and corporate taxpayers in Nebraska.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Provisions/portions of LB939 amended into LB873 by AM2649 (on 04/20/2022)

bill text

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bill summary

Document Type Source Location
State Bill Page https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=47318
BillText https://nebraskalegislature.gov/FloorDocs/107/PDF/Slip/LB873.pdf
BillText https://nebraskalegislature.gov/FloorDocs/107/PDF/Final/LB873.pdf
Cavanaugh, J. AM2706 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/AM2706.pdf
Cavanaugh, J. AM2705 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/AM2705.pdf
Friesen MO203 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/MO203.pdf
Wishart AM2701 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/AM2701.pdf
Enrollment and Review ER167 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/ER167.pdf
Fiscal Note for LB873 https://nebraskalegislature.gov/FloorDocs/107/PDF/FN/LB873_20220405-081615.pdf
Fiscal Note for LB873 https://nebraskalegislature.gov/FloorDocs/107/PDF/FN/LB873_20220405-105310.pdf
DeBoer AM2685 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/AM2685.pdf
Revenue AM2663 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/AM2663.pdf
Revenue AM2658 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/AM2658.pdf
Revenue AM2661 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/AM2661.pdf
Cavanaugh, M. MO199 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/MO199.pdf
Hansen, M. FA194 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/FA194.pdf
Hansen, M. AM2656 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/AM2656.pdf
Revenue AM2662 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/AM2662.pdf
Revenue AM2660 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/AM2660.pdf
Friesen MO201 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/MO201.pdf
Revenue AM2649 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/AM2649.pdf
Analysis - Committee Statement https://nebraskalegislature.gov/FloorDocs/107/PDF/CS/LB873.pdf
Hansen, M. FA170 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/FA170.pdf
Hansen, M. FA169 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/FA169.pdf
Hansen, M. FA168 https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/FA168.pdf
Fiscal Note for LB873 https://nebraskalegislature.gov/FloorDocs/107/PDF/FN/LB873_20220210-090824.pdf
Analysis - Statement of Intent https://nebraskalegislature.gov/FloorDocs/107/PDF/SI/LB873.pdf
BillText https://nebraskalegislature.gov/FloorDocs/107/PDF/Intro/LB873.pdf
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