Nebraska Statutes 77-3161. Tax credit; distribution
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If any employer receiving a tax credit under the Individuals with Intellectual and Developmental Disabilities Support Act is (1) a partnership, (2) a limited liability company, (3) a corporation having an election in effect under subchapter S of the Internal Revenue Code of 1986, as amended, or (4) an estate or trust, the tax credit may be distributed in the same manner and proportion as the partner, member, shareholder, or beneficiary reports the partnership, limited liability company, subchapter S corporation, estate, or trust income.
Terms Used In Nebraska Statutes 77-3161
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.