LB157

Nebraska LB157 proposes the Child Tax Credit Act, offering various tax credits to individuals and entities.

Nebraska LB157, the Child Tax Credit Act, introduces multiple tax credits for individuals and entities. It includes credits for taxes paid to another state, contributions to certified programs, and investment in biodiesel facilities. The act also provides credits for employers, affordable housing, blighted areas, and blighted areas. Additionally, it offers a refundable credit for individuals with qualifying children and a credit for parents of stillborn children. The act exempts certain tax credit refunds from claims of creditors and mandates annual reports on credit usage starting in 2027.