This bill amends section 77-2715.07 of the Revised Statutes Cumulative Supplement, 2024, to increase the earned income tax credit for qualified resident individuals in Nebraska. The changes include a new refundable credit structure that allows for a credit equal to ten percent of the federal credit allowed under section 32 of the Internal Revenue Code for taxable years prior to January 1, 2025, and increases this to twenty percent for taxable years beginning on or after January 1, 2025. Additionally, the bill specifies that these refundable credits will only be available if the individual would have received the federal credit after accounting for any carryforward of a net operating loss.

The bill also repeals the original section 77-2715.07, consolidating the changes into the updated legal framework. The adjustments aim to provide greater tax relief to low- and moderate-income residents by enhancing the earned income tax credit, thereby supporting economic stability and growth within the state.

Statutes affected:
Introduced: 77-2715.07