2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-2734.03 - Income tax; tax credits.

77-2734.03.
Income tax; tax credits.
(1)(a) For taxable years commencing prior to January 1, 1997, any (i) insurer paying a tax on premiums and assessments pursuant to section 77-908 or 81-523, (ii) electric cooperative organized under the Joint Public Power Authority Act, or (iii) credit union shall be credited, in the computation of the tax due under the Nebraska Revenue Act of 1967, with the amount paid during the taxable year as taxes on such premiums and assessments and taxes in lieu of intangible tax.
(b) For taxable years commencing on or after January 1, 1997, any insurer paying a tax on premiums and assessments pursuant to section 77-908 or 81-523, any electric cooperative organized under the Joint Public Power Authority Act, or any credit union shall be credited, in the computation of the tax due under the Nebraska Revenue Act of 1967, with the amount paid during the taxable year as (i) taxes on such premiums and assessments included as Nebraska premiums and assessments under section 77-2734.05 and (ii) taxes in lieu of intangible tax.
(c) For taxable years commencing or deemed to commence prior to, on, or after January 1, 1998, any insurer paying a tax on premiums and assessments pursuant to section 77-908 or 81-523 shall be credited, in the computation of the tax due under the Nebraska Revenue Act of 1967, with the amount paid during the taxable year as assessments allowed as an offset against premium and related retaliatory tax liability pursuant to section 44-4233.
(2) There shall be allowed to corporate taxpayers a tax credit for contributions to community betterment programs as provided in the Community Development Assistance Act.
(3) There shall be allowed to corporate taxpayers a refundable income tax credit under the Beginning Farmer Tax Credit Act for all taxable years beginning or deemed to begin on or after January 1, 2001, under the Internal Revenue Code of 1986, as amended.
(4) The changes made to this section by Laws 2004, LB 983, apply to motor fuels purchased during any tax year ending or deemed to end on or after January 1, 2005, under the Internal Revenue Code of 1986, as amended.
(5) There shall be allowed to corporate taxpayers refundable income tax credits under the Nebraska Advantage Microenterprise Tax Credit Act, the Nebraska Advantage Research and Development Act, the Nebraska Biodiesel Tax Credit Act, the Nebraska Higher Blend Tax Credit Act, the Nebraska Property Tax Incentive Act, and the Renewable Chemical Production Tax Credit Act.
(6) There shall be allowed to corporate taxpayers a nonrefundable income tax credit for investment in a biodiesel facility as provided in section 77-27,236.
(7) There shall be allowed to corporate taxpayers a nonrefundable income tax credit as provided in the Nebraska Job Creation and Mainstreet Revitalization Act, the New Markets Job Growth Investment Act, the School Readiness Tax Credit Act, the Child Care Tax Credit Act, the Affordable Housing Tax Credit Act, the Opportunity Scholarships Act, and sections 77-27,238, 77-27,240, and 77-27,241.
Source
Laws 1984, LB 1124, § 6;
Laws 1985, LB 273, § 55;
Laws 1986, LB 1114, § 19;
Laws 1992, LB 719A, § 176;
Laws 1992, LB 1063, § 184;
Laws 1993, LB 5, § 4;
Laws 1993, LB 815, § 25;
Laws 1996, LB 898, § 6;
Laws 1997, LB 55, § 4;
Laws 1997, LB 61, § 1;
Laws 1998, LB 1035, § 24;
Laws 2000, LB 1223, § 2;
Laws 2001, LB 433, § 6;
Laws 2004, LB 983, § 68;
Laws 2005, LB 312, § 14;
Laws 2007, LB343, § 6;
Laws 2007, LB367, § 23;
Laws 2012, LB1128, § 24;
Laws 2014, LB191, § 19;
Laws 2016, LB774, § 9;
Laws 2016, LB884, § 21;
Laws 2016, LB889, § 12;
Laws 2020, LB1107, § 132;
Laws 2022, LB917, § 5;
Laws 2022, LB1261, § 12;
Laws 2023, LB727, § 72;
Laws 2023, LB753, § 16;
Laws 2023, LB754, § 15.
Note:
The Revisor of Statutes has pursuant to section 49-769 correlated LB727, section 72, with LB753, section 16, and LB754, section 15, to reflect all amendments.
Note:
Changes made by LB727 became operative September 2, 2023. Changes made by LB753 became operative January 1, 2024. Changes made by LB754 became effective June 1, 2023.
Cross References
Affordable Housing Tax Credit Act, see section 77-2501.
Beginning Farmer Tax Credit Act, see section 77-5201.
Child Care Tax Credit Act, see section 77-7201.
Community Development Assistance Act, see section 13-201.
Joint Public Power Authority Act, see section 70-1401.
Nebraska Advantage Microenterprise Tax Credit Act, see section 77-5901.
Nebraska Advantage Research and Development Act, see section 77-5801.
Nebraska Biodiesel Tax Credit Act, see section 77-7009.
Nebraska Higher Blend Tax Credit Act, see section 77-7001.
Nebraska Job Creation and Mainstreet Revitalization Act, see section 77-2901.
Nebraska Property Tax Incentive Act, see section 77-6701.
New Markets Job Growth Investment Act, see section 77-1101.
Opportunity Scholarships Act, see section 77-7101.
Renewable Chemical Production Tax Credit Act, see section 77-6601.
School Readiness Tax Credit Act, see section 77-3601.