2014 Tax-Related Nebraska Legislative Changes

INCOME TAX 

Partial Income Tax Exemption for Military Retirement Income
(LB 987 – Operative Date: January 1, 2015)

A taxpayer may make a one-time election within two years after the date of his or her retirement from the military to exclude some military retirement benefits from income subject to Nebraska income tax.

Partial Income Tax Exemption for Social Security Income
(LB 987 – Operative Date: January 1, 2015) 

A taxpayer may subtract Social Security income included in federal adjusted gross income if a taxpayer’s federal adjusted gross income is less than or equal to $58,000 for married couples, filing jointly, or $43,000 for all other tax returns.

 

TAX INCENTIVES

Nebraska Advantage Act Applications
(LB 1067 – Operative Date: July 18, 2014)

The Department may not accept any new Tier 1, Tier 3, or Tier 6 applications after December 31, 2017. Previously, no new applications could be accepted after December 31, 2015.

Nebraska Advantage Microenterprise Tax Credit Act Applications
(LB 1067 – Operative Date: July 18, 2014)

The Department may not accept any new Nebraska Advantage Microenterprise Tax Credit Act applications after December 31, 2017. Previously, no new applications could be accepted after December 31, 2015.

For the full list of 2014 Nebraska Legislative changes, please click here. Should you have any questions, please contact our office at 402.423.4343. As always, our team of trusted professionals is here to help.

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