Fillable Form 40 - Nebraska Air Carrier Annual Report (Page 2 of 4) in pdf

INSTRUCTIONS

PURPOSE OF THIS REPORT. The Nebraska Air Carrier Annual Report, Form 40, and the Nebraska Schedule I - Air

Carrier Allocation Factors, must be submitted to the Nebraska Department of Revenue, Property Assessment Division, for

the purpose of providing information on the taxable value of all depreciable flight equipment owned and leased by an air

carrier operating in Nebraska, and to allocate the taxable proportion to Nebraska.

WHO MUST FILE. The Form 40 and the supporting schedule must be filed by any person engaged in the transportation of

persons or cargo for hire by aircraft.

WHEN AND WHERE TO FILE. Form 40 and any supporting schedules and statements must be filed on or before June 1,

with the Nebraska Department of Revenue, Property Assessment Division, PO Box 98919, Lincoln, NE 68509-8919. An

air carrier may request an extension of time to file this report. Any requests must be in writing, and submitted on or before

June 1. The Property Tax Administrator may, for good cause shown, grant requests for extensions. Extensions may not

exceed 30 days.

PENALTY. If an air carrier fails to furnish the information as required, the Tax Commissioner may assess a penalty of $100

per day; however, the penalty shall not exceed $10,000. The Tax Commissioner, at his or her discretion, may waive all or

part of the penalty.

ASSESSMENT DATE AND TIME. All tangible personal property in this state subject to taxation must be assessed as of

January 1 at 12:01 a.m. This assessment is used as the basis of taxation until the next assessment.

ASSESSMENT AND PAYMENT. The air carrier will be notified of the taxable value, tax rate, and tax due on or before

January 15 of the year following the tax year. One half of the tax assessment becomes delinquent March 1, and the second

half becomes delinquent July 1 of the year following the tax year.

REPORTING PERIOD. The reporting period for this report is based on the prior calendar year ending December 31.

TAXABLE PROPERTY. All depreciable flight equipment traveling in and out of Nebraska is taxable.

PROPERTY TO BE REPORTED. An air carrier must list all owned and leased aircraft. If the air carrier is unable to obtain the

Nebraska adjusted basis for its leased aircraft, the air carrier must provide a description of the aircraft and the lessor’s name and

address. Personal property that is not flight equipment must be reported to the county assessor where the equipment is located.

ALLOCATION AND DISTRIBUTION OF TAXABLE VALUE. The total taxable value of the air carrier’s aircraft is

allocated to the state, using the same allocation factors established on Form 40, Schedule I. The Nebraska allocated net book

personal property value will be distributed to the counties based on taxes levied.

DETAIL WORKSHEETS SUBJECT TO REVIEW AND AUDIT. An air carrier’s federal income tax and other

depreciation worksheets used to calculate the Nebraska adjusted basis, taxable value, and allocation factors are subject to

audit and review by the Property Tax Administrator for up to three years.

ADDITIONAL FORMS. Additional forms and information are available at

Form 40 - Nebraska Air Carrier Annual Report Page 2