Nebraska Administrative Code › Topic - REVENUE, DEPARTMENT OF › Title 316 - NEBRASKA DEPARTMENT OF REVENUE › Chapter 20 - ESTIMATED INCOME TAX REGULATIONS › Section 316-20-002 - PAYMENT OF ESTIMATED TAX: CORPORATIONS AND CERTAIN BUSINESSES; OVERPAYMENT OF ESTIMATED TAX

Current through June 17, 2024
002.01 Every corporation or business which is
				taxed as a corporation under the Internal Revenue Code shall make payments of
				Nebraska corporation estimated income tax if the Nebraska tax liability for the
				taxable year can reasonably be expected to be $400 or more after deducting the
				total estimated allowable credits, which include the in lieu of intangible tax
				paid credit, the Community Development Assistance Act credit, the Nebraska
				Employment and Investment Expansion Act credit, the Nebraska Employment and
				Investment Growth Act credit, the Employment Expansion and Investment Incentive
				Act credit, the Invest Nebraska Act credit. the Beginning Farmer Tax credit,
				the Nebraska Advantage Rural Development Act credit, the Nebraska Advantage
				Microenterprise Tax credit, the Nebraska Advantage Research and Development Act
				credit, and the Nebraska Advantage Act credit.
002.02 If a unitary group is filing a
				combined return using the combined income approach, the group shall make its
				payment of Nebraska corporation estimated income tax on such basis. A statement
				should be attached to the Form 1120N-ES, setting forth the name, address and
				Nebraska identification number for each of the group members.
002.03 A corporation may, after the close of
				the taxable year and on or before the fifteenth day of the third month
				thereafter and before the day on which it files a return for such taxable year,
				file an application for an adjustment of an overpayment by it of estimated
				income tax for such taxable year. An application under this section shall not
				constitute a claim for credit or refund. The application shall be made by
				filing Form 4466N.
002.04 The
				Nebraska Department of Revenue will make a limited examination of the
				application to discover omissions and errors within forty-five days from the
				date on which an application for adjustment is filed. The Department of Revenue
				will determine the amount of the adjustment upon the basis of the application
				and the examination and may disallow, without further action, any application
				which it finds to contain material omissions or errors which it deems cannot be
				corrected within such forty-five days. The decision made by the Department of
				Revenue will be final and not subject to further review.
002.04A Upon approving the application, the
				Department of Revenue, within the fortyfive day period, may credit the amount
				of the adjustment against any existing tax liability on the part of the
				corporation and will refund the remainder to the corporation. No application
				will be allowed unless the amount of the adjustment equals or exceeds (a) ten
				percent of the amount estimated by the corporation on its application as its
				income tax liability for the taxable year and (b) five hundred
				dollars.