Nebraska

Nebraska Low Income Housing Tax Credit Summary

• Applicable against the Nebraska corporate income tax, individual income tax, insurance premium tax, financial institution tax and franchise tax.
• May offset 100% of taxpayer’s liability.
• Excess credits carry forward until exhausted. No carry back.
• Credits are subject to a 6-year recapture period.
• Credits are allocable, not transferable

Nebraska Historic Tax Credit Summary

• Applicable against income taxes of any taxpayer, insurance gross premiums taxes, and financial institutions tax.
• May offset 100% of taxpayer’s liability.
• Excess credits carry forward until full utilized or in 2024 when the program sunsets.
• Credits are purchased in one year increments.
• Credit is limited to $1,000,000.
• There is a five-year step recapture period. Per statute recapture is the burden of the owner of the historic property at the time the recapture event occurs.  Therefore, no recapture risk is imposed on tax credit investor.