CCH Tax Day Report
The Nebraska Department of Revenue has updated general information regarding the historic tax credit, which is available against corporate and personal income taxes, the premium tax imposed on insurance companies, and the franchise tax imposed on financial institutions. The updated information discusses the date to begin calculating eligible expenditures, expenditures incurred prior to the submission date, expenses incurred for the protection of historically significant buildings, and expenditures incurred by an original applicant when a building is sold. The guidance also notes that applications must be filed by December 31, 2022 (previously, December 31, 2018), and that any credit that is not used can be carried forward until fully utilized or until December 31, 2027, whichever is earlier.
Nebraska Historic Tax Credit, Nebraska Department of Revenue, April 20, 2017, ¶201-275