Nebraska Statutes 77-5408. Credits; how used
(1) The credits prescribed in section 77-5407 shall be established by filing the forms required by the Tax Commissioner with the income tax return for the year. The credits may be used after any other nonrefundable credits to reduce the taxpayer’s income tax liability imposed by the Nebraska Revenue Act of 1967.
Terms Used In Nebraska Statutes 77-5408
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- Year: shall mean calendar year. See Nebraska Statutes 49-801
(2) The credits may be used as allowed in subsection (1) of this section and shall be applied in the order in which they were first allowed. Any decision on how part of the credit is applied shall not limit how the remaining credit could be applied under this section.
(3) The credits may be carried over until fully used, except that credits may not be carried over more than three years after the end of the entitlement period.