Nebraska Administrative Code › Topic - REVENUE, DEPARTMENT OF › Title 316 - NEBRASKA DEPARTMENT OF REVENUE › Chapter 20 - ESTIMATED INCOME TAX REGULATIONS › Section 316-20-008 - PENALTY: UNDERPAYMENT OF ESTIMATED TAX-CORPORATIONS

Current through June 17, 2024
008.01 A penalty is due on any underpayment
				of estimated tax. For corporations, the amount of the underpayment for any
				installment date is the excess of the tax shown on the return for the taxable
				year or, if no return was filed, the tax for such year, divided by the number
				of installment dates prescribed for such year, over the amount, if any, of the
				installment paid on or before the last day prescribed for such
				payment.
008.02 The term tax as
				used in Reg-20-008.01 of this regulation shall mean the corporation income tax
				imposed under the provisions of the Nebraska Revenue Act of 1967, as amended,
				reduced by the credits allowable under section
				77-2734.03
				of the Nebraska Revised Statutes (in lieu of intangible tax paid credit),
				Community Development Assistance Act credit, Nebraska Employment and Investment
				Expansion Act credit, Nebraska Employment and Investment Growth Act credit,
				Employment Expansion and Investment Incentive Act credit, Invest Nebraska Act
				credit, Beginning Farmer Tax credit, Nebraska Advantage Rural Development Act
				credit, Nebraska Advantage Microenterprise Tax credit, Nebraska Advantage
				Research and Development Act credit, and Nebraska Advantage Act credit
				.
008.03 The penalty is imposed at
				the same rate specified for interest in section
				45-104.02
				of the Nebraska Revised Statutes upon the underpayment of any installment from
				the date such installment is required to be paid to the due date of the return
				without regard to any extensions of time, or the date such underpayment is
				paid, whichever is earlier. The penalty is imposed even if there was a
				reasonable cause for underpayment.
008.04 Exceptions
Exceptions. The penalty will not be imposed for any
				  underpayment of any installments of estimated tax if, on or before the date
				  prescribed for payment of the installment, the total amount of all payments of
				  estimated tax made equals or exceeds the amount which would have been required
				  to be paid on or before such date if the estimated tax were the least of the
				  following amounts:
008.04A The tax
				shown on the return for the preceding taxable year, provided that the preceding
				taxable year was a year of 12 months and a Nebraska return showing a liability
				for tax was filed for such year,
008.04B An amount equal to a tax determined
				on the basis of the tax rate for the current taxable year but otherwise on the
				basis of the facts and law applicable to the return for the preceding taxable
				year,
008.04C An amount equal to
				100% of a tax determined by placing on an annual basis the taxable income for
				the months preceding the month of an installment date, or
008.04D An amount equal to 100% of the amount
				determined under the adjusted seasonal installment rules set forth under
				Internal Revenue Service Code Section 6655(e)(3).
008.04E The exceptions in Reg-20-008.04A and
				Reg-20-008.04B are not available to those corporations deemed to be large
				corporations for federal estimated tax purposes other than for the first
				installment of its tax year. A large corporation is one which had, or its
				predecessor had, federal taxable income of at least one million dollars for any
				of the three taxable years immediately preceding the taxable year
				involved.