Bill
Bill > LB310
NE LB310
Change inheritance tax rates, inheritance tax exemption amounts, and individuals who are considered relatives of a decedent
summary
Introduced
01/12/2021
01/12/2021
In Committee
01/14/2021
01/14/2021
Crossed Over
01/11/2022
01/11/2022
Passed
01/20/2022
01/20/2022
Dead
Signed/Enacted/Adopted
02/17/2022
02/17/2022
Introduced Session
107th Legislature
Bill Summary
A BILL FOR AN ACT relating to revenue and taxation; to amend sections 77-2004, 77-2005, 77-2005.01, and 77-2006, Reissue Revised Statutes of Nebraska; to change inheritance tax rates and exemption amounts as prescribed; to change the individuals who are considered to be relatives of a decedent; to require reports; to harmonize provisions; to provide a duty for the Revisor of Statutes; and to repeal the original sections.
AI Summary
This bill proposes to change the inheritance tax rates, inheritance tax exemption amounts, and the individuals who are considered relatives of a decedent in the state of Nebraska. Specifically, it reduces the inheritance tax rate for certain close relatives (e.g., parents, children) from 1% to 1% for amounts over $100,000 (previously $40,000). For more distant relatives (e.g., nieces, nephews), the rate is reduced from 13% to 11% for amounts over $40,000 (previously $15,000). It also expands the definition of "relatives" to include additional extended family members. The bill requires personal representatives and county treasurers to submit reports on inheritance tax revenue and the number of recipients. Additionally, it provides that any interest passing to a person under 22 years of age shall not be subject to the inheritance tax.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Provisions/portions of LB377 amended into LB310 by AM1624 (on 04/20/2022)
Official Document
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