This bill amends section 77-2714 of the Reissue Revised Statutes of Nebraska, which pertains to revenue and taxation. The primary change involves updating references to federal income tax laws to align with the Internal Revenue Code of 1986, specifically as amended on January 1, 2024. The bill clarifies that any term used in the relevant sections will maintain the same meaning as in the context of U.S. federal income tax laws, unless a different meaning is explicitly required.

Additionally, the bill repeals the original section 77-2714, thereby removing outdated language regarding the Internal Revenue Code and its amendments. The updated language ensures that references to federal tax laws are current and applicable to the tax year, thereby streamlining the interpretation and application of Nebraska's income tax laws in relation to federal standards.

Statutes affected:
Introduced: 77-2714