Bill > LB1324

This bill, known as the Child Tax Credit Act, would create a new refundable tax credit in Nebraska for taxpayers with qualifying children under the age of 6. The credit would be $1,000 per qualifying child, with the amount reduced based on the taxpayer's federal adjusted gross income. The bill also exempts these tax credit refunds from claims by creditors, similar to the treatment of federal and state earned income tax credit refunds. The bill requires the Department of Revenue to annually report on the usage of the credits and to adjust the credit amounts and thresholds for inflation starting in 2026. The bill also makes related changes to the state's income tax laws to accommodate the new credit.