Nebraska LB649 adjusts income tax brackets and rates based on inflation and federal tax code changes.
Nebraska LB649 amends the state's individual income tax brackets and rates. It mandates the Tax Commissioner to adjust the brackets based on the Consumer Price Index and federal tax code changes. The bill sets specific tax rates for different income brackets and taxable years, ensuring the tax liability is calculated accurately. The Tax Commissioner is also authorized to create tax tables for taxpayers to determine their Nebraska tax liability.
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