Change provisions relating to individual income tax deductions

LB 846 amends Nebraska's individual income tax code to change how personal exemptions and standard deductions are calculated. It replaces the previous inflation-adjusted personal exemption credit with a new method using the Consumer Price Index from August 2017 forward, and updates standard deduction amounts for different filing statuses (e.g., single filers increase from $3,000 to $4,750). The bill affects all Nebraska residents filing individual income tax returns who claim the standard deduction instead of itemizing deductions. Key changes include updated dollar amounts for standard deductions and a revised formula for calculating the personal exemption credit based on federal filing status. These provisions apply to tax years beginning in 2018 and beyond.