Nebraska LB974 proposes an excise tax on individual incomes over $1,000,000 or $2,000,000, depending on filing status, to fund the Tax Equity Cash.

Nebraska LB974 introduces an excise tax on individual incomes exceeding $1,000,000 for single, married filing separately, or estate and trust filers, and $2,000,000 for married filing jointly or head of household filers. The tax rate is 9.5% minus the applicable individual income tax rate. The Department of Revenue collects this tax and remits it to the State Treasurer for credit to the Tax Equity Cash Fund.

Nebraska LB974 proposes an excise tax on individual incomes over $1,000,000 or $2,000,000, depending on filing status, to fund the Tax Equity Cash.

Nebraska LB974 introduces an excise tax on individual incomes exceeding $1,000,000 for single, married filing separately, or estate and trust filers, and $2,000,000 for married filing jointly or head of household filers. The tax rate is 9.5% minus the applicable individual income tax rate. The Department of Revenue collects this tax and remits it to the State Treasurer for credit to the Tax Equity Cash Fund.