Bill Summary – FastDemocracy

LB31                                                                      LB31
                                                                    2024
                               LEGISLATURE OF NEBRASKA
                            ONE HUNDRED EIGHTH LEGISLATURE
                                FIRST SPECIAL SESSION
                       LEGISLATIVE BILL 31
       Introduced by Conrad, 46.
       Read first time July 26, 2024
       Committee: Revenue
  A BILL FOR AN ACT relating to taxation; to provide for an excise tax on
      individual incomes as prescribed; and to create the Tax Equity Cash
       Fund.
   Be it enacted by the people of the State of Nebraska,
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LB31                                                                                            LB31
                                                                                          2024
         Section 1.       (1) For taxable years beginning or deemed to begin on or
  after January 1, 2025:
          (a) For single individuals, married filing separate, or estates and
   trusts, the following excise tax is levied on each dollar of individual
   income above $1,000,000: 9.5%, less the applicable individual income tax
   rate in section 77-2715.03 for such individual income over $1,000,000;
          (b) For married filing jointly or head of household, the following
  excise tax is     levied on   each dollar of   individual income above
   $2,000,000:      9.5%    less the applicable individual income tax rate in
   section 77-2715.03 for such individual income over $2,000,000.
         (2)(a) The Department of Revenue shall collect the excise tax levied
   under this section at least once per taxable year on a form and in a
   manner prescribed by the department.
         (b) The department shall remit any excise tax collected under this
  section to the State Treasurer for credit to the Tax Equity Cash Fund.
         Sec. 2.     (1) The Tax Equity Cash Fund is created. The Tax Equity
  Cash Fund shall be administered by the Department of Revenue. The Tax
  Equity Cash Fund shall consist of money credited to the Tax Equity Cash
   Fund pursuant to section 1 of this act. The department may use money in
  the Tax Equity Cash Fund to pay for costs associated with any duty of the
  department under section 1 of this act and for administration of the Tax
  Equity Cash Fund.
          (2) Money in the Tax Equity Cash Fund may be transferred as approved
   by the Legislature to the:
          (a) General Fund;
          (b) Education Future Fund; or
          (c) Property Tax Credit Cash Fund.
         (3) Any money in the Tax Equity Cash Fund available for investment
   shall be   invested by    the state investment officer pursuant to   the
   Nebraska Capital Expansion Act and the Nebraska State Funds Investment
   Act.
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