Form 3800n - Nebraska Incentives Credit Computation Page 2
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1
2
3Instructions
Purpose. The purposes of the Nebraska Incentives Credit Computation, Form 3800N, are to:
• Identify the incentive program for which each tax credit is claimed;
• Identify the amount of tax credits used from each program;
• Identify the specific project from which the tax credits were received; and
• Distinguish between refundable and nonrefundable incentive tax credits.
Who Must File. Every taxpayer must complete the Form 3800N, to use the credits allowed by the:
•
Employment and Investment Growth Act (LB 775);
•
Renewable Energy Tax credit;
•
Nebraska Advantage Act (LB 312);
•
Nebraska Advantage Rural Development Act (LB 608);
•
Nebraska Advantage Research and Development Act;
•
Biodiesel Facility credit;
•
Nebraska Advantage Microenterprise credit; and
• New Markets Tax Credit (NMTC).
The
prior version of this
form must be used to claim or amend LB 270 credits for tax years 2003 and earlier. New LB 270
credits may not be earned for tax years 2004 and after.
When and Where to File. The Form 3800N must be completed and attached to the income tax return filed by an individual,
corporation, partnership, S corporation, limited liability company, exempt cooperative, or fiduciary for which a credit is claimed.
Partners, shareholders, members, patrons, or beneficiaries who are allowed any distributive credits from a partnership,
S corporation, limited liability company, cooperative, or fiduciary should complete lines 1 through 15. A copy of the Nebraska
Schedule K-1N filed by the partnership, S corporation, limited liability company, cooperative, or fiduciary must be attached
to the taxpayer’s Form 3800N. These credits may only be used to reduce the taxpayer’s income tax liability.
Records. All claimants must retain records for at least three years after the filing of the income tax return claiming the credit.
If the taxpayer will be utilizing the carryforward period to claim the credit calculated, the records supporting the original
credit must be kept for at least three years after the last return is filed on which the credit carryforward is used.
Specific Instructions
Line 3. Enter the result of line 1 minus line 2. If line 2 is greater than line 1, enter -0-. If line 3 is -0-, do not complete lines 4
through 10.
Line 5. Enter the total Renewable Energy Tax credit from Worksheet E, Form 3800N. Attach a copy of this worksheet.
Line 6. Enter the total Nebraska Advantage Act (Form 312N) credit (allowed by the qualification audit) which is being used
to reduce income tax liability. Attach a copy of the Department’s qualification letter.
Line 8. Enter the amount of Nebraska Advantage Research and Development Act credits received from a partnership,
S corporation, limited liability company, exempt cooperative, or fiduciary from Schedule A of the Form 3800N, Worksheet RD.
Line 9. Contact the Department to obtain the necessary worksheet and other documentation requirements for a credit for
investing in a biodiesel facility.
Line 10. Enter the total NMTCs claimed. Taxpayers who made an investment in a Community Development Entity (CDE)
will receive NMTC information from the CDE. Taxpayers who are distributed NMTCs from a flow-through entity will receive
NMTC information from the flow-through entity.
Line 12. Enter the total LB 608 credits (allowed by the qualification audit) for which a refund is being requested. LB 608
credits used by the entity earning the credit are not limited to the amount of Nebraska income tax liability on line 3. Attach
a copy of the Department’s qualification letter.
Line 13. Enter the total Nebraska Advantage Microenterprise Tax credits claimed. Attach a copy of the approved Nebraska
Advantage Microenterprise Tax Credit Act Application. Complete Part 3 of the application and attach supporting documentation.
Line 14. Enter the amount calculated on line 22 of the Worksheet RD, Form 3800N, to be taken as a refundable credit.
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