Provide an income tax adjustment for tip income and income received from overtime compensation

Summary

The bill adds new deductions to Nebraska’s individual income tax for tip income and overtime pay. Taxpayers could subtract up to $25,000 of qualified tips and up to $12,500 of overtime earnings (or $25,000 for married couples), with the amount reduced once federal adjusted gross income exceeds $150,000 (or $300,000 for joint filers). It also replaces the existing Section 77‑2716 while leaving the rest of the tax adjustments unchanged.

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