This bill amends section 77-2715.07 of the Revised Statutes Supplement, 2025, to introduce a new refundable income tax credit for individuals who receive a premium assistance credit under the federal Internal Revenue Code. Specifically, for taxable years beginning on or after January 1, 2026, individuals eligible for this credit will receive an amount equal to the difference between the premium assistance credit amount allowed prior to its expiration and the amount otherwise permitted under the current law. This addition aims to provide financial relief to those who qualify for premium assistance under federal guidelines.

Additionally, the bill includes a provision to repeal the original section 77-2715.07, thereby updating the tax code to reflect these changes. The introduction of this new credit is intended to enhance support for residents who are navigating health insurance costs, ensuring that they receive the maximum benefit available under the law.

Statutes affected:
Introduced: 77-2715.07