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
108th Legislature
Bill Summary
A BILL FOR AN ACT relating to income taxes; to amend section 77-2715.07, Revised Statutes Cumulative Supplement, 2022; to increase the earned income tax credit as prescribed; and to repeal the original section.
AI Summary
This bill amends the Nebraska Revenue Act of 1967 to increase the earned income tax credit (EITC). Specifically, it raises the EITC from 10% of the federal EITC to 17% of the federal EITC for tax years beginning on or after January 1, 2024. The bill retains the existing 10% EITC for tax years before 2024. This change is intended to provide a larger state-level tax credit to low-income individuals and families who qualify for the federal EITC.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Indefinitely postponed (on 04/18/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=50577 |
| Fiscal Note for LB295 | https://nebraskalegislature.gov/FloorDocs/108/PDF/FN/LB295_20230207-140300.pdf |
| Analysis - Statement of Intent | https://nebraskalegislature.gov/FloorDocs/108/PDF/SI/LB295.pdf |
| BillText | https://nebraskalegislature.gov/FloorDocs/108/PDF/Intro/LB295.pdf |
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