This bill amends section 77-2715.03 of the Revised Statutes Cumulative Supplement, 2024, to modify the tax rate applied to federal taxes included in the computation of the Nebraska individual income tax. Specifically, it changes the tax rate from 29.6 percent to twenty-nine and six-tenths percent. The bill also outlines the existing tax brackets and rates for individual income tax, which are applicable for taxable years beginning on or after January 1, 2013, and before January 1, 2014, as well as for subsequent years.

Additionally, the bill establishes provisions for adjusting income tax brackets for inflation starting from taxable years beginning on or after January 1, 2015. It mandates that the Tax Commissioner will adjust the income tax brackets based on specific criteria, including the Consumer Price Index, and will publish updated tax rate schedules accordingly. The original section 77-2715.03 is repealed as part of this legislative update.

Statutes affected:
Introduced: 77-2715.03