Form 1120xn - Amended Nebraska Corporation Income Tax Return Page 4
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6Line 1, Federal Gross Sales or Receipts Less Returns and Allowances. Enter the amount of total sales or gross
receipts reported on the federal return less returns and allowances.
Line 3, Adjustment to Federal Taxable Income. Enter the net increase or decrease in income resulting from
Nebraska adjustments.
Increase in federal taxable income.
1. Federal net operating or capital loss carryover or carryback allowed on the federal return;
2. For 1987 and later tax years, interest income from non-Nebraska state and local bonds exempt from
federal taxation;
3. Bonus depreciation. Add back 85% of the total federal bonus depreciation claimed on the tax years 2000
through 2005 federal returns; and
4. Enhanced Section 179 expense deduction. Add back 100% of any federal Section 179 expense claimed
on the federal tax returns filed for tax years 2003 through 2005 in excess of $25,000.
The amount of bonus depreciation and enhanced Section 179 expense deduction added back may be reclaimed
in later taxable years:
•
Twenty percent of the total tax year 2000 through 2002 bonus depreciation previously added back
may be subtracted in the first taxable year beginning on or after January 1, 2005, and 20% in each of
the next 4 taxable years; and
•
Twenty percent of the total amount of bonus depreciation and enhanced Section 179 expense deduction
previously added back during tax years 2003 through 2005 may be subtracted in the corporation’s first
taxable year beginning or deemed to begin on or after January 1, 2006, and 20% in each of the next 4
taxable years.
All taxpayers filing an amended return to report or change bonus depreciation or enhanced
Section 179 expense deduction must attach a workpaper detailing the specifics of the entry. See
Revenue Ruling 24‑08‑2
for additional information.
Decrease in federal taxable income.
1. Interest or dividend income from U.S. government obligations included in federal taxable income. Attach a
schedule listing the type and amount of income derived from each obligation for which a deduction is claimed.
Corporation Income Tax Regulations 24-048 and 24-050
for allowable deductions of income from U.S.
See
government obligations;
2. Foreign dividends, foreign dividend gross-up, or special foreign tax credit deduction;
3. Nebraska College Savings Program donations, gifts, or grants. Maximum annual exempt contribution per return
is $1,000 for tax years 2001 through 2006, $5,000 for tax year 2007 through tax years ending in 2013, and
$10,000 thereafter; and
4. Any other adjustments. Attach a detailed explanation of the basis for each adjustment and any necessary schedules.
Line 5, Nebraska Taxable Income Before Adjustments. Enter the amounts from line 4 on line 5 if all income was
derived from within Nebraska. Enter the amount from Apportionment and Allocation of Income, Nebraska Schedule I, line 7,
if income was apportioned.
Line 6, Adjustments. Enter the amount of allowable Nebraska net operating loss and capital loss carryover. For any tax
year beginning on or after January 1, 1987, net operating or capital losses may not be carried back. Instead, any net operating
or capital loss is to be carried forward for up to the next five years.
All taxpayers filing an amended return to claim a net operating loss should attach a work paper detailing the specifics of the loss.
Line 8, Nebraska Tax. The Nebraska income tax is computed by multiplying the amount on line 7, column (A), and line 7,
column (C), by the following rates.
Year
Nebraska Rate
2008-2013
5.58% of first $100,000, 7.81% of excess
1993-2007
5.58% of first $50,000, 7.81% of excess
1992
5.58% of first $50,000, 7.81% of next $150,000, and 8.98% of excess
1991
5.58% of first $50,000, 7.81% of excess
1990
5.17% of first $50,000, 7.24% of excess
For tax years prior to 1990, visit the Department’s
website
for the applicable rates.
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