Form 1120nf - Nebraska Financial Institution Tax Return - 2012 Page 5
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Ending Deposits. Enter the amount of ending deposits at the preceding year-end and the ending
deposits at the end of each calendar quarter of the financial institution’s taxable year beginning in
2012. Refer to the chart on page 7 of these instructions as a guide to determine the ending deposits
for each period.
LINE 7
Average Deposits. Divide the total deposits on line 6 by five, and enter the result on line 7. Fiscal-year
or short-period returns should compute average deposits as described in Average Deposits on page 2
of these instructions.
LINE 8
Financial Institution Tax. The financial institution must pay the lesser of the tax on average deposits
or the limitation amount. The tax is required to be paid on or before the original due date of the return.
Financial institutions have the option to file an estimated payment during the final month of the tax year.
The estimated payment is made on a
Nebraska Financial Institution Voluntary Estimated Tax Payment,
Form
1120NF-ES.
The rate of tax is the rate in effect on the first day of the financial institution’s taxable year. For tax
year 2012, the rate of tax is $.47 per $1,000 of average deposits.
LINE 9
Net Income. Enter the amount of net income before income taxes and extraordinary items of the
financial institution for the taxable year beginning on or after January 1, 2012. Refer to the chart
on page 7 of these instructions to assist in determining the appropriate line number amount and
possible adjustments to make for each reporting period necessary to arrive at the total representing
the entire taxable year. Enter this total as net income before income taxes and extraordinary items
on line 9.
Net Losses. If the financial institution has a net loss before income taxes and extraordinary items,
enter (-0-) on line 9. Net losses cannot be carried to any other year or any other return. Net losses
cannot be used to obtain a refund for a prior or subsequent taxable year.
LINE 10
Limitation Amount. For tax year 2012, the rate is 3.81% of the net financial income.
LINE 12
CDAA Credit. The credit allowed cannot exceed the amount on line 11. This credit is allowable
for contributions to approved projects of community betterment organizations recognized by
the Nebraska Department of Economic Development. Attach the
2012 Nebraska Community
Development Assistance Act Credit Computation, Form
CDN, to the
Form
1120NF. Financial
institutions do not need to attach a copy of the Form 1099NTC. The Department will receive the
Form 1099NTC information directly from DED. The credit must be claimed on the tax return
for the year in which the contribution was made. Any tax credit balance may be carried over and
applied against your tax liability for the next five years immediately succeeding the tax year in
which the credit was first properly claimed and allowed.
More detailed information on this credit can be obtained by contacting:
Nebraska Department of Economic Development
Community and Rural Development Division
PO Box 94666, Lincoln, Nebraska 68509-4666
402-471-3775 or
800-426-6505
LINE 13
Net Tax. Subtract line 12 from line 11. If the result is less than zero, enter -0-.
LINE 14
Voluntary Estimated Tax Payment. Enter the amount of any voluntary estimated tax payment
previously filed using
Form
1120NF-ES.
LINE 15
Balance Due. If the amount on line 13 is greater than line 14, enter the difference as a balance
due on line 15.
Electronic Payment. Payment of tax may be made by electronic funds transfer (EFT).
Financial institutions which made tax payments exceeding $11,000 in the prior year are required
to make all payments using EFT. Beginning July 1, 2013, the threshold for EFT payments will
be lowered to $9,000. The threshold is scheduled to be lowered each July until 2017 when the
threshold will be set at $5,000.
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