Bill > LR284CA

This Resolution proposes a constitutional amendment to eliminate the state income tax over a four-year period, which will be presented to voters in November 2020. If approved, the amendment will prohibit Nebraska from imposing an income tax for all taxable years beginning on or after January 1, 2024. To achieve this, the Legislature is mandated to gradually reduce income tax rates: by 25% for taxable years beginning in 2021, by 50% for those beginning in 2022, and by 75% for those beginning in 2023, with the full elimination taking effect in 2024. The "pre-adjustment level" refers to the income tax rates in place before these reductions begin. The resolution also outlines various provisions regarding property taxation, including uniform and proportionate taxation of real property and franchises, different methods for taxing tangible personal property, motor vehicles, and agricultural land, and allows for separate tax classes for certain types of property.