Nebraska LB30 proposes an income tax adjustment for income received from overtime compensation.

Nebraska LB30 amends the state's tax code to adjust federal adjusted gross income by subtracting income from overtime compensation for taxpayers. This adjustment applies to income received according to the federal Fair Labor Standards Act, starting from taxable years beginning on or after January 1, 2022. The bill also repeals the original section 77-2716, Revised Statutes Cumulative Supplement, 2024, and replaces it with new provisions for various income adjustments and exclusions.

Nebraska LB30 proposes an income tax adjustment for income received from overtime compensation.

Nebraska LB30 amends the state's tax code to adjust federal adjusted gross income by subtracting income from overtime compensation for taxpayers. This adjustment applies to income received according to the federal Fair Labor Standards Act, starting from taxable years beginning on or after January 1, 2022. The bill also repeals the original section 77-2716, Revised Statutes Cumulative Supplement, 2024, and replaces it with new provisions for various income adjustments and exclusions.