Form 43 - Nebraska Public Service Entity Tax Report - 2013 Page 3
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63NEBRASKA PUBLIC SERVICE ENTITY REPORT, INSTRUCTIONS (CONT.)
RECOVERY PERIOD.
Is the period over which the value of property will be depreciated for Nebraska
property tax purposes. The recovery period is the same as the federal Modified
Accelerated Cost Recovery System (MACRS). Reference IRS Publication 534 MACRS
table of assets and associated recovery period in years.
DEPRECIATION.
Is the percentage of the Nebraska adjusted basis that is taxable. Use Table I to find the
appropriate depreciation factor for the recovery period and year acquired.
NET BOOK PERSONAL PROPERTY INSTRUCTIONS
TAXABLE PROPERTY.
All depreciable tangible personal property, except licensed motor vehicles, livestock, and certain
rental equipment which has a Nebraska net book value greater than zero is taxable. Summarize
the property according to the year placed in service and categories indicated by accounts.
PROPERTY TO BE LISTED.
You must list all owned and leased taxable personal property that you own or that you lease from
another person or company. If you are unable to obtain the Nebraska adjusted basis for your leased
property, you must provide a description of the property and the lessor's name and address.
ALLOCATION AND
The company's total taxable net book tangible personal property value will be allocated
DISTRIBUTION OF
to the state, using the same allocation factor established for real property. After allocation the value
TAXABLE VALUE.
is distributed to the counties and their respective taxing subdivisions based on total gross investment
per section 77-802 of the Nebraska Statutes. The net book personal property is not equalized with
real property which is subject to market or ad valorem value.
DETAIL WORKSHEETS
Your company's federal income tax and other depreciation worksheets used in calculating the
SUBJECT TO REVIEW
Nebraska adjusted basis and taxable values are subject to audit and review by the Property Tax
AND AUDIT.
Administrator for up to three years.
TABLE 1 - Nebraska Net Book Depreciation Factors
RECOVERY PERIOD IN YEARS
Year
3
5
7
10
15
20
2012
75.00%
85.00%
89.29%
92.50%
95.00%
96.25%
2011
37.50
59.50
70.16
78.62
85.50
89.03
2010
12.50
41.65
55.13
66.83
76.95
82.35
2009
0.00
24.99
42.88
56.81
69.25
76.18
2008
8.33
30.63
48.07
62.32
70.46
2007
0.00
18.38
39.33
56.09
65.18
2006
6.13
30.59
50.19
60.29
2005
0.00
21.85
44.29
55.77
2004
13.11
38.38
51.31
2003
4.37
32.48
46.85
2002
0.00
26.57
42.38
2001
20.67
37.92
2000
14.76
33.46
1999
8.86
29.00
1998
2.95
24.54
1997
0.00
20.08
1996
15.62
1995
11.15
1994
6.69
1993
2.23
1992
0.00
EXAMPLE:
Your company purchases a piece of equipment for $10,000 in tax year 2012. The equipment has a recovery period
of 7 years. The net book personal property value for tax year 1 (2012) is determined by applying the original
cost by the appropriate recovery factor. $10,000 x 89.29% = 8,929.00
Net Book
Taxable
Year
7
Original Cost
Value
1
89.29% 10,000.00
8,929.00
2
70.16 10,000.00
7,016.00
3
55.13 10,000.00
5,513.00
4
42.88 10,000.00
4,288.00
5
30.63 10,000.00
3,063.00
6
18.38 10,000.00
1,838.00
7
6.13 10,000.00
613.00
8
0.00 10,000.00
0.00
3
96-159-99 Revised 3/2013
Authorized by Section 77-801
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