Chapter 77, REVENUE AND TAXATION
1,940 sections in this chapter.
Neb. Rev. Stat. § 77-1105 Letter ruling, defined.
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Letter ruling means a written interpretation of law to a specific set of facts provided by the applicant requesting a letter ruling.
Neb. Rev. Stat. § 77-1106 Long-term debt security, defined.
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Long-term debt security means any debt instrument issued by a qualified community development entity, at par value or a premium, with an original maturity date of at least seven years after the date of its issuance, with no acceleration of repayment, amortization, or prepayment f…
Neb. Rev. Stat. § 77-1107 Purchase price, defined.
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Purchase price means the amount paid to the issuer of a qualified equity investment for the qualified equity investment.
Neb. Rev. Stat. § 77-1108 Qualified active low-income community business, defined.
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Qualified active low-income community business has the meaning given such term in section 45D of the Internal Revenue Code of 1986, as amended, and 26 C.F.R. 1.45D-1. A business shall be considered a qualified active low-income community business for the duration of the qualified…
Neb. Rev. Stat. § 77-1109 Qualified community development entity, defined.
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Qualified community development entity has the meaning given such term in section 45D of the Internal Revenue Code of 1986, as amended, if such entity has entered into an allocation agreement with the Community Development Financial Institutions Fund of the United States Departme…
Neb. Rev. Stat. § 77-111 Township, precinct, defined.
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The words township and precinct shall each include the other, and shall also include towns in counties under township organization.
Neb. Rev. Stat. § 77-1110 Qualified equity investment, defined.
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(1) Qualified equity investment means any equity investment in, or long-term debt security issued by, a qualified community development entity that: (a) Is acquired after January 1, 2012, at its original issuance solely in exchange for cash; (b) Has at least eighty-five percent, …
Neb. Rev. Stat. § 77-1111 Qualified low-income community investment, defined.
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Qualified low-income community investment means any capital or equity investment in, or loan to, any qualified active low-income community business. With respect to any one qualified active low-income community business, the maximum amount of qualified low-income community invest…
Neb. Rev. Stat. § 77-1112 Tax credit, defined.
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Tax credit means a credit against the tax otherwise due under the Nebraska Revenue Act of 1967 or sections 44-101 to 44-165, 77-907 to 77-918, or 77-3801 to 77-3807.
Neb. Rev. Stat. § 77-1112.01 2021 allocation, defined.
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2021 allocation means a monetary amount of qualified equity investments to be awarded by the Tax Commissioner after the 2021 federal notice under the New Markets Job Growth Investment Act that results in a maximum tax credit utilization in any fiscal year of no more than fifteen …
Neb. Rev. Stat. § 77-1112.02 2021 federal notice, defined.
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2021 federal notice means the announcement by the Community Development Financial Institutions Fund of the United States Department of the Treasury of allocation awards under a notice of funding availability that was published in the Federal Register in September 2020.
Neb. Rev. Stat. § 77-1113 Vested tax credit; utilization.
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A person or entity that acquires a qualified equity investment earns a vested tax credit against the tax imposed by the Nebraska Revenue Act of 1967 or sections 44-101 to 44-165, 77-907 to 77-918, or 77-3801 to 77-3807 that may be utilized as follows: (1) On each credit allowance…
Neb. Rev. Stat. § 77-1114 Tax credit; not refundable or transferable; allocation; carry forward.
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No tax credit claimed under the New Markets Job Growth Investment Act shall be refundable or transferable. Tax credits earned by a partnership, limited liability company, subchapter S corporation, or other pass-through entity may be allocated to the partners, members, or sharehol…
Neb. Rev. Stat. § 77-1115 Tax Commissioner; limit tax credit utilization.
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The Tax Commissioner shall limit the monetary amount of qualified equity investments permitted under the New Markets Job Growth Investment Act to a level necessary to limit tax credit utilization in any fiscal year at no more than fifteen million dollars of new tax credits, exclu…
Neb. Rev. Stat. § 77-1116 Qualified community development entity; application; deadline; form; contents; Tax Commissioner; grant or deny; notice of certification; lapse of certification; when.
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(1) A qualified community development entity that seeks to have an equity investment or long-term debt security designated as a qualified equity investment and eligible for tax credits under the New Markets Job Growth Investment Act shall apply to the Tax Commissioner. There shal…
Neb. Rev. Stat. § 77-1117 Recapture of tax credit.
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The Tax Commissioner shall recapture, from the taxpayer that claimed the credit on a return, the tax credit allowed under the New Markets Job Growth Investment Act if: (1) Any amount of the federal tax credit available with respect to a qualified equity investment that is eligibl…
Neb. Rev. Stat. § 77-1118 Recapture of tax credit; notice of noncompliance; cure period.
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The enforcement of section 77-1117 shall be subject to a six-month cure period. No recapture under section 77-1117 shall occur until the qualified community development entity has been given notice of noncompliance and afforded six months from the date of such notice to cure the …
Neb. Rev. Stat. § 77-1119 Tax Commissioner; issue letter rulings; request; refusal to issue for good cause; letter ruling; effect.
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(1) The Tax Commissioner shall issue letter rulings regarding the tax credit program authorized under the New Markets Job Growth Investment Act subject to the terms and conditions set forth in rules and regulations. (2) The Tax Commissioner shall respond to a request for a letter…
Neb. Rev. Stat. § 77-112 Actual value, defined.
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Actual value of real property for purposes of taxation means the market value of real property in the ordinary course of trade. Actual value may be determined using professionally accepted mass appraisal methods, including, but not limited to, the (1) sales comparison approach us…
Neb. Rev. Stat. § 77-1120 Qualified community development entity; report to Tax Commissioner; Tax Commissioner; report to Legislature.
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(1) A qualified community development entity that has received an allocation of qualified equity investment authority pursuant to the 2021 allocation shall submit an annual report to the Tax Commissioner on or before the last day of February following the second through seventh c…
Neb. Rev. Stat. § 77-113 Person, defined.
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The word person includes any number of persons and any partnership, limited liability company, association, joint-stock company, corporation, or other entity that may be the owner of property.
Neb. Rev. Stat. § 77-114 Gender and number, how construed.
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The words used in the singular shall include the plural; and in the masculine gender shall include the feminine and neuter genders, and vice versa, as the case may require.
Neb. Rev. Stat. § 77-115 County assessor, defined.
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County assessor includes an elected or appointed county assessor or a county clerk who is an ex officio county assessor.
Neb. Rev. Stat. § 77-116 County official, defined.
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The term county official shall include any county officer or employee of a county officer who is charged with the duty of valuing, assessing, or equalizing property for property tax purposes.
Neb. Rev. Stat. § 77-117 Improvements on leased land, defined.
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Improvements on leased land shall mean any item of real property defined in subdivisions (2) through (5) of section 77-103 which is located on land owned by a person other than the owner of the item.
Neb. Rev. Stat. § 77-118 Nebraska adjusted basis, defined; trade in of property; how treated.
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(1) Nebraska adjusted basis shall mean the adjusted basis of property as determined under the Internal Revenue Code increased by the total amount allowed under the code for depreciation or amortization or pursuant to an election to expense depreciable property under section 179 o…
Neb. Rev. Stat. § 77-119 Depreciable tangible personal property, defined.
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Depreciable tangible personal property shall mean tangible personal property which is used in a trade or business or used for the production of income and which has a determinable life of longer than one year.
Neb. Rev. Stat. § 77-120 Net book value of property for taxation, defined.
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(1) Net book value of property for taxation shall mean that portion of the Nebraska adjusted basis of the property as of the assessment date for the applicable recovery period in the table set forth in this subsection. NET BOOK VALUE AS A PERCENT OF NEBRASKA ADJUSTED BASIS Year R…
Neb. Rev. Stat. § 77-1201 Tangible personal property; assessment date; listing.
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All tangible personal property in this state subject to taxation shall be assessed as of January 1 at 12:01 a.m., which assessment shall be used as a basis of taxation until the next assessment. A complete list of all taxable tangible personal property held or owned on the assess…
Neb. Rev. Stat. § 77-1202 Tangible personal property; where listed and assessed.
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Taxable tangible personal property shall be listed and assessed where it has acquired tax situs as defined in section 77-125.
Neb. Rev. Stat. § 77-1202.01 Tax lists; how prepared.
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In preparing the tax list, each county assessor shall enter in a separate column, opposite the name of each person, the person's post office address and the number of the school and road districts in which the taxable tangible personal property of such person is assessable.
Neb. Rev. Stat. § 77-121 Taxable property, defined.
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Taxable property shall mean any real or tangible personal property subject to tax pursuant to law and not exempt from tax.
Neb. Rev. Stat. § 77-1210 Taxable tangible personal property in transit; where listed and assessed.
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Taxable tangible personal property in transit shall be listed and assessed in the tax district where the owner resides, but if such property is intended for a business, it shall be listed and assessed in the tax district where the property of such business is required to be liste…
Neb. Rev. Stat. § 77-1211 Tangible personal property brought into state after December 31 and prior to July 1; where listed and assessed.
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When any person brings taxable tangible personal property into this state or into one county thereof from another county after 12:01 a.m. on January 1 and prior to July 1 in any year, it shall be the duty of the owner, within thirty days after July 1, to list and return such prop…
Neb. Rev. Stat. § 77-1214 Taxable tangible personal property; attempted sale, levy, or removal; notice to treasurer; collection of taxes due; acceleration of due date; issuance of distress warrants.
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It shall be the duty of any county assessor, sheriff, constable, city council member, and village trustee to at once inform the county treasurer of the making or attempted making of any sale, levy of attachment, or removal of taxable tangible personal property known to him or her…
Neb. Rev. Stat. § 77-1219 Taxable tangible personal property; assessment certificate; county assessor; duties.
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It shall be the duty of the county assessor, when required by any person, to give a certificate of assessment of taxable tangible personal property showing the amount, kind, location, and net book value of the property assessed, and such certificate shall be evidence of the legal…
Neb. Rev. Stat. § 77-122 Purchase, defined.
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Purchase shall include taking by sale, discount, negotiation, or any other transaction for value creating an interest in property except liens. Purchase shall not include transfers for stock or other ownership interests upon creation, dissolution, or any other tax-free reorganiza…
Neb. Rev. Stat. § 77-1229 Tangible personal property; form of return; time of filing; exemption; procedure.
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(1) Every person required by section 77-1201 to list and value taxable tangible personal property shall list such property upon the forms prescribed by the Tax Commissioner. The forms shall be available from the county assessor and when completed shall be signed by each person or…
Neb. Rev. Stat. § 77-1229.01 Personal property; return; filing improperly signed; procedure.
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If any listing of personal property required to be filed under section 77-1229 is filed by or on behalf of any person and is not signed as required by law, the county assessor shall notify the person in writing of the fact of such filing and that he or she is required, on or befo…
Neb. Rev. Stat. § 77-123 Omitted property, defined.
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Omitted property means, for the current tax year, (1) any taxable real property that was not assessed on March 19, except in any county with a population of at least one hundred thousand inhabitants according to the most recent federal decennial census, any taxable real property …
Neb. Rev. Stat. § 77-1230 Taxable tangible personal property; amended listing; when required; county assessor; duties; refund; additional tax due.
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(1) Whenever a person files an amended federal income tax return or whenever a person's return is changed or corrected by the Internal Revenue Service or other competent authority and the amendment, change, or correction affects the Nebraska adjusted basis of the person's taxable…
Neb. Rev. Stat. § 77-1232 Personal property; failure to list; false listing; evasion of tax; penalty.
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Any person who makes a false or fraudulent list, schedule, or statement required by law or willfully fails or refuses to deliver to the assessor a list of the taxable tangible personal property which by law is required to be listed, or temporarily converts any part of such proper…
Neb. Rev. Stat. § 77-1233 Personal property; statement required on return; signature by taxpayer.
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Each schedule or statement required by law to be filed with respect to taxation of personal property shall have the following printed thereon and signed by the taxpayer or his agent: Taxpayer or Agent—I declare that this (schedule or return) and any accompanying schedule and stat…
Neb. Rev. Stat. § 77-1233.02 Taxable tangible personal property tax returns; county assessor; duties.
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The county assessor with the aid of his or her deputy and assistants shall carefully examine, check, and verify all taxable tangible personal property tax returns. The assessor may make such investigation, examination, and inspection of the property set out in a return and examin…
Neb. Rev. Stat. § 77-1233.03 Assessment of taxable tangible personal property; county assessor; duties.
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The county assessor shall have general supervision over and direction of the assessment of all personal property in his or her county. He or she shall advise and instruct all deputies and assistants as to their duties and shall require of them that the assessment of property be u…
Neb. Rev. Stat. § 77-1233.04 Taxable tangible personal property tax returns; change in value; omitted property; procedure; penalty; county assessor; duties.
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(1) The county assessor shall list and value at net book value any item of taxable tangible personal property omitted from a personal property return of any taxpayer. The county assessor shall change the reported valuation of any item of taxable tangible personal property listed …
Neb. Rev. Stat. § 77-1233.06 Taxable tangible personal property tax valuation or penalty; appeal; procedure; collection procedures.
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For purposes of section 77-1233.04: (1) The county assessor shall notify the taxpayer, on a form prescribed by the Tax Commissioner, of the action taken, the penalty, and the rate of interest. The notice shall also state the taxpayer's appeal rights and the appeal procedures. Suc…
Neb. Rev. Stat. § 77-1234 Violations; duty of officers upon discovery.
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It shall be the duty of the county boards and county assessors to notify the county attorney of the proper county of all willful violations of the provisions with respect to listing of taxable tangible personal property for taxation known to them or any of them.
Neb. Rev. Stat. § 77-1236 Personal property; taxpayer; inspection by county assessor; authorized; subpoena; disobedience; contempt proceedings; confidentiality.
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For the purpose of determining the net book value of any property, the county assessor shall have the right to demand of the owner or his or her agent or employee an inspection of the following for the year preceding assessment: Inventories; all books of accounts; depreciation sc…
Neb. Rev. Stat. § 77-1237 Personal Property Tax Relief Act; act, how cited.
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Sections 77-1237 to 77-1239 shall be known and may be cited as the Personal Property Tax Relief Act.