LB709

Adopt the Adoption Tax Credit Act to provide tax credits for adoption expenses in Nebraska.

The Adoption Tax Credit Act provides a nonrefundable credit against the income tax imposed by the Nebraska Revenue Act of 1967 for individuals eligible for the federal adoption expenses tax credit. The credit is equal to ten percent of the federal credit, reduced by ten percent for each one thousand dollars, or fraction thereof, by which the reported federal adjusted gross income exceeds twenty-two thousand dollars. The credit is allowed for taxable years beginning or deemed to begin on or after January 1, 2026, under the Internal Revenue Code of 1986, as amended.