NE LB709

Creates a new state income tax credit for Nebraska taxpayers who qualify for the federal adoption expenses tax credit under 26 U.S.C. 23, effective for taxable years beginning on or after January 1, 2026

Sets the credit amount at 10% of the federal adoption tax credit allowed to the taxpayer in the same taxable year

Designates the credit as refundable, meaning taxpayers can receive the full credit amount even if it exceeds their state tax liability

Authorizes the Nebraska Department of Revenue to adopt rules and regulations to implement the Adoption Tax Credit Act

Amends Section 77-2715.07 to add the Adoption Tax Credit Act to the list of programs providing refundable credits for qualified resident individuals