Nebraska LB710 would increase the earned income tax credit for eligible individuals.
Nebraska LB710 proposes to amend the state's tax code to increase the earned income tax credit. The bill specifies that for taxable years beginning on or after January 1, 2025, the credit will be 20% of the federal credit allowed under the Internal Revenue Code. It also details various credits and provisions for different categories of taxpayers, including refundable and nonrefundable credits for individuals, estates, trusts, and partnerships. The bill repeals the original section 77-2715.07 and replaces it with these new provisions.
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