Form 1120nf - Nebraska Financial Institution Tax Return - 2012 Page 4
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10NOTE: A refund of tax is only allowed when an amended return is filed within 90 days of the
date the tax is due or was paid, whichever is later, or within 90 days of a change made by a state
or federal regulatory agency.
When filing an amended return to reflect corrected Call Report information, attach copies of the
changed pages from the Call Report. When filing an amended return to report a change made
by a state or federal regulatory agency to the financial institution’s amount of deposits or its net
financial income, include a dated copy of the regulatory agency’s notice.
Nebraska Extension of Time. No extension of time to file or pay the tax is allowed.
Accounting Methods. The accounting method required by state and federal regulatory agencies
must be used for Nebraska financial institution tax purposes. Income and expenses of a financial
institution must be computed according to the requirements of its regulatory agencies.
Multistate Financial Institutions. Financial institutions that are subject to tax in more than one
state must compute their tax liability based on the amount of average deposits connected with the
financial institution’s operations in Nebraska. These deposits equal the total of deposits accepted at
the financial institution’s Nebraska offices, plus deposits solicited from Nebraska residents which
are accepted at the financial institution’s offices outside of Nebraska. The financial institution’s
limitation amount is computed using the portion of the net financial income that is apportioned
to Nebraska through the use of property and payroll factors.
When and Where to File
This return must be filed on or before the 15th day of the third month following the close of the
taxable year of the financial institution.
Mail the return to:
Nebraska Department of Revenue
PO Box 94818
Lincoln, NE 68509-4818.
Note: No extension of time to file or pay the tax is allowed.
How to Complete Form 1120NF
Reminder for S Corporations. Financial institutions organized as S corporations must complete
the Shareholder’s Schedule (Schedule) of
Form 1120NF
and provide each shareholder with a
Statement of Nebraska Financial Institution Tax Credit, Form
NFC. These forms are used to
calculate the amount of credit available to each shareholder.
u File the Shareholder’s Schedule with Form 1120NF. If additional lines are needed, make
copies of the Schedule and attach to Form 1120NF.
u Financial institutions organized as S corporations owned by an S corporation holding company
must list the shareholders of the holding company on the Schedule.
u Shareholders will file the Form NFC with their individual income tax returns when claiming
their proportionate share of credit for the tax paid by the financial institution.
Business Classification Code. Enter the number that best describes your principal activity from
the following list:
522110 Commercial bank;
522120 Savings institution;
522130 Credit union; or
522190 Other depository credit intermediation.
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