summary
Introduced
07/25/2024
07/25/2024
In Committee
07/26/2024
07/26/2024
Crossed Over
Passed
Dead
08/21/2024
08/21/2024
Introduced Session
108th Legislature 1st Special Session
Bill Summary
A BILL FOR AN ACT relating to revenue and taxation; to amend section 77-2715.03, Revised Statutes Supplement, 2023; section 77-2716, Revised Statutes Supplement, 2023, as amended by Laws 2024, , section 75, Laws 2024, , section 10, Laws 2024, , section 85, and Laws 2024, , section 1; and Laws 2024, , sections 3 and 5; to change provisions relating to individual income tax rates; to harmonize provisions; to repeal the original sections; and to declare an emergency.
AI Summary
This bill changes provisions relating to individual income tax rates in Nebraska. Key provisions include:
- Establishing new income tax brackets and rates to take effect starting in 2025, including a top rate of 9% for income over $250,000 for single filers and $500,000 for married filing jointly.
- Adjusting the income tax brackets for inflation starting in 2026.
- Providing a tax credit for employers that pay relocation expenses for qualifying employees starting in 2025.
- Allowing qualifying new residents to exclude their Nebraska-sourced wage income from taxation for a period of time, subject to a residency requirement.
- Repealing and amending various sections of existing law related to individual income taxes.
- Declaring an emergency, making the act effective upon passage and approval.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Indefinitely Postponed pursuant to Rule 9, Sec. 8 (on 08/20/2024)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=58084 |
| Fiscal Note for LB7 | https://nebraskalegislature.gov/FloorDocs/108/PDF/FN/LB7_S1_20240730-092501.pdf |
| Analysis - Statement of Intent | https://nebraskalegislature.gov/FloorDocs/108/PDF/SI/LB7_S1.pdf |
| Fiscal Note for LB7 | https://nebraskalegislature.gov/FloorDocs/108/PDF/FN/LB7_S1_20240727-121416.pdf |
| BillText | https://nebraskalegislature.gov/FloorDocs/108/PDF/Intro/LB7_S1.pdf |
Loading...