Form Lb 775 - Credits Received Through Distribution
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1LB 775 Credits Received Through Distribution
Distributed Credits Received by Partners, S Corporation Shareholders,
Limited Liability Company Members, and Certain Fiduciary Beneficiaries Only
26 If any of the credit is from a partnership, S corporation, limited liability company, exempt cooperative, or fiduciary that distributes its
income currently, enter in the space provided the name, address, Nebraska identification number, the year the credit was earned, and
your share of the credit of each partnership, S corporation, limited liability company, or fiduciary.
Year Credit
Name
Address
Nebraska I.D. Number
Share of Credit
Earned
$
TOTAL of your share of distributed credits................................................................................................... 26
27 Total distributed credits carried forward from earlier year(s)........................................................................ 27
28 Total amount of distributed credits available for use (line 26 plus line 27)................................................... 28
29 Nebraska income tax liability after all other non-refundable credits............................................................. 29
30 Credits used to reduce income tax liability. Enter here and on line 13 ........................................................ 30
31 Total credits to be carried forward (line 28 minus line 30) ........................................................................... 31 $
INSTRUCTIONS
this is either where the expansion occurred in Nebraska, or the expansion
SPECIAL INSTRUCTIONS FOR TAXPAYERS
was at multiple locations.
CLAIMING CREDIT UNDER EMPLOYMENT
AND INVESTMENT GROWTH ACT (LB 775)
LINE 3. Enter the amount of Nebraska LB 270 sales and use tax refunds
If the business is using the Employment and Investment Growth Act
claimed to date. This should include any amounts claimed, even if the taxpayer
credit to reduce its income tax liability, complete lines 26 through 31.
has not yet received the refund.
Enter the amount of credit being used from Form 775N, and from line
LINE 11. Enter the total of any LB 270 credits included on line 4 that were
30, Form 3800N on line 13. The other lines on Form 3800N do not have
earned five years ago and were not used on lines 9 and 10, and any LB 270
to be completed. If you are claiming credits from both the Employment
credits that are no longer available due to recapture. Attach schedule with
and Investment Growth Act and other incentive programs contact Audit
explanation.
Services of the Nebraska Department of Revenue for instructions before
LINE 12. Enter the difference between line 4, and the total of lines 9, 10,
completing Form 3800N.
and 11. This is the amount of the unused credit that can be carried over for
WHO MUST FILE. Every taxpayer must complete the Nebraska Incentives
five years after the year earned.
Credit Computation, Form 3800N, in order to use the credits allowed by
LINE 14. If you are not located in an enterprise zone, enter -0-. If you are
the Employment Expansion and Investment Incentive Act (LB 270); the
claiming this credit, you must attach Form 3800N, Nebraska Schedule
Employment and Investment Growth Act (LB 775); the Nebraska Advantage
I – Enterprise Zone Credit Computation.
Rural Development Act (LB 608); the Nebraska Advantage Microenterprise
LINE 15. Enter the total renewable energy tax credit from attached
Tax Credit Act; the Nebraska Advantage Research and Development Act; and
worksheet.
to claim the Renewable Energy Tax Credit. The prior version of this form
LINE 16. Enter the total Nebraska Advantage Act credit allowed by the
must be used to claim or amend LB 270 credits for tax year 2003 or earlier.
qualification audit which is being used to reduce income tax liability. Attach
New LB 270 credits may not be earned for tax year 2004 or after.
worksheet and a copy of the department’s qualification letter.
WHEN AND WHERE TO FILE. This computation must be completed
LINE 20. Enter the total LB 608 credits allowed by the qualification audit
and attached to the income tax return filed by an individual, corporation,
for which a refund is being requested. LB 608 credits used by the entity
fiduciary, partnership, limited liability company, or S corporation for which
actually earning the credit are not limited to the amount of Nebraska income
a credit is claimed.
tax liability on line 5. Attach a copy of the qualification letter received after
members, or beneficiaries who are
Partners, shareholders,
the department’s qualification audit.
allowed any distributive credits from a partnership, S corporation, limited
LINE 21. Enter the total Nebraska Advantage Microenterprise Tax credits
liability company, or fiduciary should complete lines 1 through 23 and the
claimed. Attach a copy of the approved application. Complete Part 3 of the
line 26 credit received information. A copy of the Form 3800N filed by the
application and attach supporting documentation.
partnership, S corporation, limited liability company, or fiduciary must be
DISTRIBUTION OF CREDITS (LB 270 ONLY). Each partnership, S
attached to the taxpayer’s Form 3800N. These credits may only be used to
corporation, limited liability company, and fiduciary that distributes its
reduce the taxpayer’s income tax liability.
income currently must enter the name, address, social security or federal
RECORDS. All claimants must retain records for at least three years after
identification number, the year credits were earned, and share of the credit
the filing of the return claiming the credit. If the taxpayer will be utilizing
for each partner, shareholder, member, or beneficiary (see line 24). The share
the carryforward period to claim the credit calculated, the records supporting
of credit is determined by multiplying the total amount to be distributed by
the original credit must be kept for a period of at least three years after the
the share of income or ownership of each partner, shareholder, member, or
return is filed in which the credit carryforward is used.
beneficiary. If credits earned in more than one year are distributed, complete
a schedule for each year.
FAILURETO MAINTAIN LB 270 INVESTMENT AND EMPLOYMENT
LEVELS. A taxpayer is required to maintain the levels of employment and
CREDITS RECEIVED THROUGH DISTRIBUTION. If you are filing
investment that created the credit for at least two years after the year in which
Form 3800N to claim a credit distributed from a partnership, S corporation,
the credit was allowed. If a taxpayer fails to maintain the required levels of
limited liability company, or fiduciary that distributes its income currently,
employment and investment, the taxpayer will be subject to certain recapture
complete applicable section for the type of credits received. If you receive
provisions. Contact the Department’s Audit Services area, (402) 471-5790,
credits under both incentive programs, complete lines 25 through 31. Credits
for further information.
distributed to individual partners, shareholders, members, or beneficiaries
are not refundable. They may only be used to the extent of the individual
SPECIFIC INSTRUCTIONS
recipient’s income tax liability.
LOCATION ADDRESS. List the business location in Nebraska where the
investment and expanded employment occurred. This should include street
LINE 30. Credits used cannot exceed the lesser of line 28 or line 29.
address and city. Do not include the company’s headquarters address unless
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