Opinion ID: 1659904
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Heading: The Nebraska Revenue Act

Text: The Nebraska Revenue Act of 1967 imposes an income tax which is a flat percentage, determined annually, of the taxpayer's adjusted federal income tax liability for the taxable year. §§ 77-2715, 77-2715.01, R.R.S.1943. None of the modifications to determine adjusted federal income tax liability are relevant to our discussions of the issues. § 77-2716, R.R.S. 1943. For the most part the terms used in the Act have the same meaning as when used in a comparable context in the federal income tax law. References in the Act to the law of the United States means the provisions of the Internal Revenue Code of 1954, and amendments thereto, . . . and the rules and regulations issued under such laws, as the same may be or become effective, at any time or from time to time, for the taxable year. § 77-2714, R.R.S. 1943. The determination of the issues which we must decide are related principally to the interpretation of the following section of the Act and the regulations adopted by the Commissioner to effectuate the statute: Sections 77-2701 to 77-27,135 shall take effect immediately and shall be applicable with respect to items of income, deduction, loss or gain realized in taxable years ending on or after January 1, 1968. For the purpose of facilitating the administration of the tax imposed by the provisions of sections 77-2701 to 77-27,135 during the transitional period, the Tax Commissioner shall provide by regulation for the filing of returns in respect to taxable periods of less than twelve calendar months ending after January 1, 1968, and prior to December 31, 1968. § 77-27,124, R.R.S.1943.