This bill amends section 77-2715.03 of the Revised Statutes Cumulative Supplement, 2024, to modify the individual income tax rates in Nebraska. The changes include adjustments to the income tax brackets and rates for taxable years beginning on or after January 1, 2014. Notably, the bill introduces a new tax rate of 3.98% for taxable years beginning on or after January 1, 2027, replacing the previous rate of 3.99%. Additionally, the bill outlines the process for adjusting the minimum and maximum dollar amounts for each income tax bracket for inflation starting from January 1, 2015. Furthermore, the bill mandates that the Tax Commissioner will update tax rate schedules whenever the Legislature changes tax brackets or rates and will prepare tax tables to assist taxpayers in determining their Nebraska tax liability. The original section 77-2715.03 is repealed, indicating that the new provisions will replace the existing law. Overall, the bill aims to streamline the individual income tax structure in Nebraska while ensuring that tax rates are adjusted appropriately over time.

Statutes affected:
Introduced: 77-2715.03