Questions & Answers

What is included with other subtractions from income?

S Corporation and Limited Liability Company non-Nebraska income. Income from an S corporation or limited liability company that is not from Nebraska sources is deductible. Income from partnerships, LLP's, and other entities can't be deducted.

Dividends received from corporations not subject to the IRC. Dividends from corporations not subject to the IRC may be deducted. This deduction is generally limited to dividends received from foreign corporations. Dividends from domestic corporations are not deductible.

Claim of right repayment. A taxpayer who is required on a federal return to take a credit for a claim of right repayment may deduct the amount of the repayment.

Nebraska net operating loss carryforward. A Nebraska net operating loss from an earlier year that is available for carryforward to 2020 may be deducted.

Nebraska Agricultural Revenue and federally taxable NIFA bonds. Income from bonds which are subject to federal income tax but exempt from Nebraska tax by Nebraska law may be deducted.

Federally taxable Build America bonds issued by Nebraska governmental units. The America Recovery and Revitalization Act of 2009 established a category of federally taxable bonds that are exempt under Nebraska law. Income and interest from these bonds may be deducted. Recovery Zone Economic Development Bonds and Qualified School Construction Bonds that are classified as Build America Bonds may also be deducted if issued by a Nebraska governmental unit.

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