Nebraska Statutes 77-27,222. Internal Revenue Code amendment; Tax Commissioner; duties; report
(1) Within sixty days after an amendment of the Internal Revenue Code is enacted, the Tax Commissioner shall prepare and submit to the Governor, the Legislative Fiscal Analyst, the Speaker of the Legislature, and the chairpersons of the Executive Board of the Legislative Council, the Revenue Committee of the Legislature, and the Appropriations Committee of the Legislature a report that outlines:
Terms Used In Nebraska Statutes 77-27,222
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- Year: shall mean calendar year. See Nebraska Statutes 49-801
(a) The changes in the Internal Revenue Code; and
(b) The impact of those changes on state revenue and on various classes and types of taxpayers.
(2) Subsection (1) of this section does not apply to an amendment of the Internal Revenue Code if the Tax Commissioner determines that the impact of the amendment on state income tax revenue for the fiscal year that begins during the calendar year in which the amendment is enacted will be less than five million dollars.