Nebraska Statutes 77-2734.02. Corporate taxpayer; income tax rate; how determined
(1) Except as provided in subsection (2) of this section, a tax is hereby imposed on the taxable income of every corporate taxpayer that is doing business in this state:
Terms Used In Nebraska Statutes 77-2734.02
- Business: means any activity engaged in by any person or caused to be engaged in by him or her with the object of gain, benefit, or advantage, either direct or indirect. See Nebraska Statutes 77-2701.07
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Company shall: include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Corporate taxpayer: means any corporation that is not a part of a unitary business or the part of a unitary business, whether it is one or more corporations, that is doing business in this state. See Nebraska Statutes 77-2734.04
- Federal taxable income: means the corporate taxpayer's federal taxable income as reported to the Internal Revenue Service or as subsequently changed or amended. See Nebraska Statutes 77-2734.04
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: means any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States, and any foreign country or political subdivision thereof. See Nebraska Statutes 77-2734.04
- Tax Commissioner: means the Tax Commissioner of the State of Nebraska. See Nebraska Statutes 77-2701.40
- Taxable income: means federal taxable income as adjusted and, if appropriate, as apportioned. See Nebraska Statutes 77-2734.04
- Taxable year: means the period the corporate taxpayer used on its federal income tax return. See Nebraska Statutes 77-2734.04
- Taxpayer: means any person subject to a tax imposed by sections Nebraska Statutes 77-2701.41
- Year: shall mean calendar year. See Nebraska Statutes 49-801
(a) For taxable years beginning or deemed to begin before January 1, 2013, at a rate equal to one hundred fifty and eight-tenths percent of the primary rate imposed on individuals under section 77-2701.01 on the first one hundred thousand dollars of taxable income and at the rate of two hundred eleven percent of such rate on all taxable income in excess of one hundred thousand dollars. The resultant rates shall be rounded to the nearest one hundredth of one percent;
(b) For taxable years beginning or deemed to begin on or after January 1, 2013, and before January 1, 2022, at a rate equal to 5.58 percent on the first one hundred thousand dollars of taxable income and at the rate of 7.81 percent on all taxable income in excess of one hundred thousand dollars;
(c) For taxable years beginning or deemed to begin on or after January 1, 2022, and before January 1, 2023, at a rate equal to 5.58 percent on the first one hundred thousand dollars of taxable income and at the rate of 7.50 percent on all taxable income in excess of one hundred thousand dollars;
(d) For taxable years beginning or deemed to begin on or after January 1, 2023, and before January 1, 2024, at a rate equal to 5.58 percent on the first one hundred thousand dollars of taxable income and at the rate of 7.25 percent on all taxable income in excess of one hundred thousand dollars;
(e) For taxable years beginning or deemed to begin on or after January 1, 2024, and before January 1, 2025, at a rate equal to 5.58 percent on the first one hundred thousand dollars of taxable income and at the rate of 5.84 percent on all taxable income in excess of one hundred thousand dollars;
(f) For taxable years beginning or deemed to begin on or after January 1, 2025, and before January 1, 2026, at the rate of 5.20 percent on all taxable income;
(g) For taxable years beginning or deemed to begin on or after January 1, 2026, and before January 1, 2027, at the rate of 4.55 percent on all taxable income; and
(h) For taxable years beginning or deemed to begin on or after January 1, 2027, at the rate of 3.99 percent on all taxable income.
For corporate taxpayers with a fiscal year that does not coincide with the calendar year, the individual rate used for this subsection shall be the rate in effect on the first day, or the day deemed to be the first day, of the taxable year.
(2) An insurance company shall be subject to taxation at the lesser of the rate described in subsection (1) of this section or the rate of tax imposed by the state or country in which the insurance company is domiciled if the insurance company can establish to the satisfaction of the Tax Commissioner that it is domiciled in a state or country other than Nebraska that imposes on Nebraska domiciled insurance companies a retaliatory tax against the tax described in subsection (1) of this section.
(3) For a corporate taxpayer that is subject to tax in another state, its taxable income shall be the portion of the taxpayer’s federal taxable income, as adjusted, that is determined to be connected with the taxpayer’s operations in this state pursuant to sections 77-2734.05 to 77-2734.15.
(4) Each corporate taxpayer shall file only one income tax return for each taxable year.