This bill amends sections 77-2715.03 and 77-2734.02 of the Revised Statutes Cumulative Supplement, 2024, to modify the individual and corporate income tax rates in Nebraska. For individual income tax, the bill introduces a new rate of 4.99% for taxable years beginning on or after January 1, 2026, replacing the previous rate of 4.55%. Additionally, the corporate tax rate for taxable years beginning on or after January 1, 2026, is also adjusted to 4.99%, down from 4.55%. The bill outlines specific tax brackets and rates for both individual and corporate taxpayers, with provisions for inflation adjustments to the tax brackets starting from 2015.

The legislation also includes provisions for the Tax Commissioner to update tax rate schedules and prepare tax tables for taxpayers to determine their Nebraska tax liability. The original sections 77-2715.03 and 77-2734.02 are repealed, consolidating the changes into the updated legal framework. Overall, the bill aims to streamline and update the tax rates applicable to individuals and corporations in Nebraska, reflecting a shift towards lower tax rates in the coming years.

Statutes affected:
Introduced: 77-2715.03, 77-2734.02