April 29, 2022
Nebraska Implements Corporate Income Tax Rate Reductions
On April 13, 2022, Governor Rickets signed L.B. 873 which reduces Nebraska’s corporate income tax rate over the next five years. This will apply to corporate taxpayers with taxable income exceeding $100,000 for taxable years beginning on or after January 1, 2022, through taxable years beginning on or after January 1, 2027. The phased rate reductions are as follows:
- For taxable years beginning 2022, the top corporate tax rate is 7.5%;
- For taxable years beginning 2023, the top corporate tax rate is 7.25%;
- For taxable years beginning 2024, the top corporate tax rate is 6.50%;
- For taxable years beginning 2025, the top corporate tax rate is 6.24%;
- For taxable years beginning 2026, the top corporate tax rate is 6.00%; and
- For taxable years beginning 2027 and after, the top corporate tax rate will be reduced to 5.84%.
April 3, 2020
Nebraska Update on Extension of Filing Deadline
The Department of Revenue has alerted taxpayers that it is following the federal extension for the 2020 individual income tax return and payments. The return and payment deadlines are extended to May 17, 2021. However, the extension does not apply to estimated tax payments. ( Notice: Nebraska to Follow IRS Extending Individual Income Tax Filing Date, Neb. Dept. of Revenue, 03/19/2021 .)
April 3, 2020
Tax Filing and Deadline Extended
Nebraskans will have until July 15, 2020 to pay state income taxes to give additional flexibility to those impacted by COVID-19. Nebraskans who are not impacted by the virus should consider filing by the traditional April 15th date. State income tax payments and estimated payments that were originally due on April 15, 2020. The Tax Commissioner may grant penalty or interest relief upon request depending on individual circumstances.