summary
Introduced
01/11/2023
01/11/2023
In Committee
01/13/2023
01/13/2023
Crossed Over
Passed
Dead
04/18/2024
04/18/2024
Introduced Session
Potential new amendment
108th Legislature
Bill Summary
A BILL FOR AN ACT relating to revenue and taxation; to amend section 25-1553, Reissue Revised Statutes of Nebraska, and section 77-2715.07, Revised Statutes Cumulative Supplement, 2022; to adopt the Child Tax Credit Act; to exempt certain tax credit refunds from claims of creditors; to harmonize provisions; and to repeal the original sections.
AI Summary
This bill, the Child Tax Credit Act, establishes a refundable tax credit for Nebraska taxpayers with qualifying children. The credit is $1,000 per child, with the amount reduced based on the taxpayer's federal adjusted gross income. The credit is adjusted for inflation starting in 2024. The bill also requires the Department of Revenue to submit an annual report to the Legislature on the usage and effectiveness of the credit. The bill amends existing law to exempt the tax credit refunds from claims of creditors in bankruptcy and debt collection proceedings.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Indefinitely postponed (on 04/18/2024)
Bill Topics
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Social Welfare
- ‐ Poverty and Assistance for Low-Income Families
Official Document
bill text
bill summary
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bill summary
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bill summary
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