This bill proposes changes to Nebraska's revenue and taxation laws by eliminating an income reduction related to extraordinary dividends and certain capital gains. It establishes that the new provisions will be effective for all taxable years starting on or after January 1, 2026, in accordance with the Internal Revenue Code of 1986, as amended.

Additionally, the bill outright repeals sections 77-2715.08 and 77-2715.09 of the Reissue Revised Statutes of Nebraska, which likely pertain to the previously existing regulations regarding the income reduction for extraordinary dividends and capital gains. This repeal signifies a significant shift in the state's approach to taxing these forms of income.