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Nebraska capital gains tax
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– Nebraska capital gains tax

Any person who is not a resident or a nonresident for the entire year is a partial-year resident. Except when the context clearly requires otherwise, the terms resident, nonresident and partial-year resident will be used in these regulations as defined in this subsection. The term domicile shall mean the place where an individual has his or her true, fixed, and permanent home and principal establishment, and to which whenever he or she is absent he or she has the intention of returning.

Actual residence is not necessarily domicile. A dwelling place includes a house, apartment, room, or other accommodation suitable for human occupation. An individual who for an aggregate of six months both maintains a permanent place of abode in Nebraska and is present within Nebraska, is considered to be a resident of Nebraska regardless of whether or not such place of abode within Nebraska is actually used by such individual during such period.

Such a person shall become a resident of this state as of the date the permanent place of abode was established, shall cease to be a resident of this state as of the date the permanent place of abode is abandoned, or shall be considered a resident for the entire year if the person has a permanent place of abode at the beginning and at the end of the year.

Residence in Nebraska is terminated on the date an individual leaves the state, abandons any intention of returning to the state, and establishes a residence in another state while present in the other state for other than temporary or transitory purposes. A member of the services domiciled in Nebraska at the time he or she entered such service generally retains his or her status as a domiciliary of Nebraska throughout his or her stay in the service, regardless of where he or she may be assigned to duty or how long.

Such individual may, however, become a resident of Nebraska for purposes of this regulation by the performance of some overt acts which would constitute a termination of his or her residence in such former state and the establishment of a residence in Nebraska. The Nebraska individual income tax is imposed for each taxable year on the entire income of every resident individual. The tax is a percentage of the taxpayer’s Nebraska taxable income for the taxable year plus a percentage of the federal alternative minimum tax and the federal tax on premature or lump-sum distributions from qualified retirement plans.

Taxpayers whose federal adjusted gross income is larger than the threshold amount determined under section 68 of the Internal Revenue Code IRC will recalculate their tax on taxable income by multiplying the maximum tax rate by ten per cent of the excess amount above the section 68 threshold and subtracting from the result the amount of tax from the tax table.

This result will be added to the tax from the tax table. The Nebraska individual income tax is imposed for each taxable year on the income of every nonresident individual which is derived from sources within Nebraska.

The tax is a percentage of the tax owed by a resident individual with the same total income. The percentage is determined by dividing the taxpayer’s Nebraska adjusted gross income as determined in Reg by the taxpayer’s federal adjusted gross income after the adjustments provided in Reg The Nebraska individual income tax is imposed for each taxable year on all of the income of every partial-year resident which is earned while a resident of Nebraska and is not taxed by another state, and the income derived from sources within Nebraska while a nonresident.

The tax is a percentage of the tax owed by a resident individual with the same taxable income. Nebraska taxable income is the taxpayer’s federal adjusted gross income after Nebraska adjustments and after the deduction provided in either Reg Any interest and dividends received on United States obligations to the extent such interest and dividends are included in federal adjusted gross income but exempt from state income taxes under the laws of the United States shall be subtracted.

The amount subtracted on account of such interest and dividends must be reduced by any interest on indebtedness incurred to carry such obligations and by any expense incurred in the production of such income to the extent such expense or interest was deducted in determining federal taxable income. Government obligations is subtracted to the extent they represent U. Government obligations. Government obligations is not deductible. Any refund of state or local income tax which was included in federal adjusted gross income shall be subtracted.

Any dividend which was received from a corporation which was not subject to the Internal Revenue Code shall be subtracted. Any amount which was repaid and for which the taxpayer received a reduction in federal tax under IRC section a 5 shall be subtracted.

Special Capital Gains Exclusion. Capital gains excluded due to an election exercised under provisions of section Nebraska Net Operating Losses. A Nebraska net operating loss carryback or carryover shall be subtracted as provided in Reg Native American Indian Reservation Income. The income earned within the boundaries of a recognized Indian reservation by a Native American Indian who is an enrolled member of an Indian tribe and who resides in Nebraska on an Indian reservation shall be subtracted.

Contributions by a participant in the Nebraska Educational Savings Plan Trust shall be subtracted to the extent not deducted for federal tax purposes. Only the participant owner may claim the subtraction. A portion of the amount of bonus depreciation added for assets placed in service between September 10, and December 31, shall be subtracted.

Enhanced Section Subtraction. A portion of the amount added for capital investment expensed under IRC section in excess of twenty-five thousand dollars for taxable years beginning or deemed to begin on or after January 1, , and before January 1, shall be subtracted. Any interest and dividends received from state and local obligations, other than obligations issued by the State of Nebraska or its political subdivisions, to the extent such interest and dividends are excluded from federal gross income shall be added.

The amount added on account of such interest and dividends may be reduced by any interest on indebtedness incurred to carry such obligations and by any expense incurred in the production of such income to the extent such expense or interest was not deducted in determining federal taxable income. A Federal net operating loss carryback or carryover shall be added as provided in Reg Any withdrawal of deposited funds or interest or dividends from a long-term care savings plan account shall be added to the extent that the amount was previously deducted under Reg A shareholder of a financial institution organized as an S corporation who claims the Nebraska credit for financial institution tax must add to income the amount of the credit taken.

For taxable years beginning or deemed to begin before January 1, , federal adjusted gross income shall be increased by eighty-five percent of the amount of any federal bonus depreciation received under section k or section L of the Internal Revenue Code of , as amended, for assets placed in service after September 10, , and before December 31, For taxable years beginning or deemed to begin on or after January 1, , and before January 1, , federal adjusted gross income shall be increased by the amount of any capital investment that is expensed under section of the Internal Revenue Code of , as amended, that is in excess of twenty-five thousand dollars that is allowed under the federal Jobs and Growth Tax Act of The Nebraska minimum tax is computed as a percentage of the federal alternative minimum tax which is adjusted by substituting Nebraska taxable income federal AGI less Nebraska standard or itemized deductions for federal taxable income, and adjusting for any items which are reflected differently in the determination of federal taxable income for Nebraska purposes.

Every taxpayer who is allowed a federal standard deduction is allowed a deduction for state purposes except as provided in Reg For tax years beginning on or after January 1, and before January 1, , the standard deduction for a taxpayer whose federal adjusted gross income is greater than the threshold amount determined under IRC section 68 for the disallowance of itemized deductions will be reduced by the following amount.

The standard deduction is the smaller of the federal standard deduction actually allowed or the Nebraska standard deduction. If any amount is not a multiple of ten dollars, the amount shall be rounded to the next highest multiple of ten dollars except that the standard deduction for married filing separate taxpayers may be a multiple of five dollars.

If any amount is not a multiple of fifty dollars, the amount shall be rounded to the next lowest multiple of fifty dollars. Every taxpayer who used federal itemized deductions is allowed to deduct the greater of the standard deduction as provided in Reg The limitation does not apply to deductions for medical expenses, casualty and theft losses, investment interest expenses, charitable contributions after tax year , or certain gambling losses.

State and local income tax is not allowed as an itemized deduction under Nebraska law and is therefore not subject to further limitation.

If the above provisions attribute more or less income tax to Nebraska than is reasonably attributable to income derived from sources within this state, the taxpayer may petition for, or the State Tax Commissioner may require, the employment of any other method to attribute to Nebraska an amount of income tax which is reasonable and equitable under the circumstances. Section R. Nebraska Department of Revenue v. John Loewenstein, U.

February 22, Income derived from Nebraska sources shall include, but not be limited to, items relating to real and tangible personal property, a business, trade, profession, or occupation, compensation for services, intangible property, small business corporations, partnerships, estates and trusts, and lottery and gambling winnings. The ownership of any interest in real or tangible personal property located in Nebraska shall be sufficient to qualify any income, gain, or loss from such real or tangible personal property as derived from or connected with Nebraska sources.

This would include rents or royalties from property located in Nebraska for any period of time during the taxable year, and any gain or loss from the sale of property located in Nebraska. Income from sources in Nebraska as it relates to a business, trade, profession, or occupation carried on in Nebraska shall mean that portion of an individual’s gross income that is reasonably and equitably attributable to Nebraska, irrespective of the accounting method employed.

The Nebraska source income of a business, trade, profession, or occupation shall be determined by use of the apportionment factor as provided for the taxing of corporations under the Nebraska Revenue Act and Reg If the portion of taxable income derived from sources in Nebraska so determined does not reasonably and equitably reflect Nebraska source income, the Tax Commissioner may allow alternative methods of determining income from Nebraska sources.

Compensation received by a nonresident for services performed which are directly related to a business, trade, or profession carried on within Nebraska shall constitute income derived from Nebraska. Compensation received by a nonresident will be considered Nebraska source income if the nonresident’s services are performed entirely within Nebraska, if such services performed without Nebraska are incidental to the services performed within Nebraska, or if the services that have to be performed in Nebraska are an essential part of the services performed.

If the nonresident’s service is performed without Nebraska for his or her convenience, but the service is directly related to a business, trade, or profession carried on within Nebraska and except for the nonresident’s convenience, the service could have been performed within Nebraska, the compensation for such services shall be Nebraska source income.

When a taxpayer has performed some service in this state and the base of operations, or, if there is no base of operations, the place from which the services are directed or controlled is in this state, the compensation paid by a business, trade, or profession for all services of the taxpayer shall be income from Nebraska sources.

Income from commissions earned by a nonresident traveling salesman, agent, or other employee for services performed or sales made whose compensation depends directly on the volume of business transacted by him or her, may be allocated to Nebraska based upon specific identification of each item of income and expense. Allocation may be used only when the books and records of either the nonresident or his or her employer accurately reflect the business transacted and expenses incurred in Nebraska by the nonresident in connection therewith.

If the books and records do not accurately reflect the business transacted and expenses incurred in Nebraska by the nonresident, the nonresident will include that proportion of the compensation received which the volume of business transacted by such employee within the State of Nebraska bears to the total volume of business transacted by him, or her, both within and without the state.

See Reg If a nonresident employee is employed in this state at intervals throughout the year and is paid on an hourly, daily, weekly, or monthly basis, the gross income from sources within this state must include that portion of the total compensation for personal services which the total number of working hours, days, weeks, or months employed within Nebraska compare to the total number of such working intervals both within and without the state.

If the majority of the interval is spent within this state, then the entire interval is within this state. If a nonresident employee is paid on a mileage basis, the gross income from sources within Nebraska must include that portion of the total compensation for services which the number of miles traveled in Nebraska bears to the total number of miles traveled both within and without Nebraska.

If the nonresident employee is paid on some other basis, the total compensation for personal services must be apportioned between this state and other states and foreign countries in such manner as to attribute to Nebraska that portion of the total compensation which is reasonably attributable to personal services performed in the state.

Compensation paid by a resident trust or estate, as defined in Reg, for services by a nonresident fiduciary shall constitute income from sources within Nebraska. Nonresident attorneys, physicians, engineers, architects, nurses, or any other professional people, even though not regularly employed in carrying on their profession in Nebraska, must include as income from sources within this state the entire amount of fees or compensation received for services performed in Nebraska as defined in Reg Nonresident actors, singers, performers, wrestlers, boxers, professional athletes, etc.

Income derived from or connected with Nebraska sources does not include compensation paid to nonresidents for active duty service in the armed forces of the United States, even though such service is performed within Nebraska.

If the service member has elected to file a joint Nebraska return with a Nebraska resident or partial-year resident, the nonresident’s military income is deducted as an adjustment on the Nebraska return. The term “service” means the service of an individual who is a member of the Army, Navy, Air Force, Marine Corps, or Coast Guard who is on active duty, as defined in section d 1 of title 10, United States Code, and in the case of an individual who is a member of the National Guard, includes service under a call to active service authorized by the President or the Secretary of Defense for a period of more than 30 consecutive days under section f of title 32, United States Code, for purposes of responding to a national emergency declared by the President and supported by Federal funds.

The term also includes active service by an individual who is a commissioned officer of the federal Public Health Service or the National Oceanic and Atmospheric Administration. The term service as used herein does not include service of a civilian in the employ of any branch of the armed forces nor does it include any individual, partnership, corporation or other association which, as an independent contractor, is performing service or supplying tangible property to any branch of the armed forces.

All other nonresident federal employees who perform their services in Nebraska shall be deemed to have income derived from or connected with Nebraska sources.

Nonresidents who are receiving pensions, deferred compensation, or annuities based on services performed within Nebraska in an earlier tax year do not have income from Nebraska sources. Compensation paid by a rail carrier to a nonresident employee who performs regularly assigned duties on a railroad in more than one state is not included in Nebraska source income.

Compensation paid by a private carrier or a motor carrier providing transportation in interstate commerce subject to federal regulation to a nonresident employee who performs regularly assigned duties with respect to a motor vehicle in more than one state is not included in Nebraska source income. Compensation paid by an air carrier to a nonresident employee who is regularly assigned duties on aircraft in more than one state is not included in Nebraska source income if the employee’s scheduled flight time in Nebraska is fifty percent or less of the total scheduled flight time of the employee during the calendar year.

No tax is to be imposed on a nonresident receiving income which arises from annuities, interest on bank deposits, interest on bonds, notes or other interest bearing obligations, or dividends from corporations, except to the extent to which the same shall be a part of the taxable income from any business, trade, profession, or occupation carried on in Nebraska by the nonresident. Income from intangible property shall be a part of taxable income of a business, trade, profession, or occupation carried on within Nebraska when such property is acquired or used in the course of such business, trade, profession, or occupation.

Gains or losses from the sale, exchange, or other disposition of intangibles are not subject to tax by Nebraska, except to the extent to which the same shall be a part of the income from a business, trade, profession, or occupation carried on in the State of Nebraska by the nonresident taxpayer, even though the sale or disposition thereof may have been consummated within the state.

Likewise, losses sustained from the sale, exchange, or other disposition of stocks, bonds, or other intangibles under like conditions are not deductible from the Nebraska source income of the nonresident taxpayer, except to the extent that they are losses incurred in a business, trade, profession, or occupation carried on within Nebraska by the nonresident taxpayer.

A nonresident stockholder of a small business corporation having an election in effect under Subchapter S of the Internal Revenue Code shall file a Nebraska income tax return and shall include as Nebraska source income that portion of the S corporation’s income derived from or attributable to Nebraska. The nonresident shareholder shall file a Nebraska income tax return even though the income derived from the S corporation is the nonresident’s only income derived from or attributable to Nebraska except as allowed under Reg A nonresident shareholder of an S corporation which has Nebraska income, may execute and forward to the corporation a Nebraska Nonresident Income Tax Agreement, Form 12N, which states that the nonresident will file a Nebraska income tax return and pay tax on all income derived from or connected with Nebraska sources.

This agreement must be forwarded to the S corporation before the filing of the original corporate return.