NE LB974

Levies a 9.5% excise tax on individual income above $1,000,000 for single filers, married filing separately, and estates/trusts, minus the applicable individual income tax rate under current law

Levies a 9.5% excise tax on individual income above $2,000,000 for married filing jointly and head of household filers, minus the applicable individual income tax rate

Creates the Tax Equity Cash Fund, administered by the Department of Revenue, to receive all revenue collected from the new excise tax

Allows the Legislature to transfer money from the Tax Equity Cash Fund to the General Fund, Education Future Fund, or Property Tax Credit Cash Fund

Effective for taxable years beginning on or after January 1, 2027