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 bill establishes a new corporate tax rate of 4.99% for taxable years beginning on or after January 1, 2026, also replacing the previous rate of 4.55%. The bill further clarifies the tax rates applicable for various income brackets and ensures that the tax brackets will be adjusted for inflation starting from 2015.

The bill also repeals the original sections of the statutes that are being amended, ensuring that the new provisions take effect without retaining the outdated language. Overall, the changes aim to streamline the tax structure and provide clearer guidelines for both individual and corporate taxpayers in Nebraska.

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