Nebraska LB932 adjusts income tax by allowing deductions for tip income and overtime compensation.
Nebraska LB932 provides an income tax adjustment for tip income and income received from overtime compensation. It allows individuals to deduct qualified tips and overtime compensation from their federal adjusted gross income. The bill specifies limits on the deductions, such as a maximum of $12,500 per year for individual taxpayers and $25,000 for married filing jointly taxpayers for overtime compensation. The adjustments apply to taxable years beginning on or after January 1, 2026.
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