Change income tax provisions relating to certain income or loss received from S-corporations and limited liability companies

Summary

The measure changes Nebraska’s income‑tax code so that shareholders and members of S‑corporations and limited‑liability companies do not have to include in state taxable income the portion of earnings that comes from outside Nebraska. It also adds a long list of new adjustments to federal adjusted gross income for items such as certain interest, dividends, foreign taxes, education‑savings contributions, military and public‑service benefits, and bullion gains. The bill required non‑resident shareholders to file a Nebraska return with an agreement to pay tax on any Nebraska‑source share and let qualifying small businesses elect to pay tax at the highest individual rate. The legislation did not pass and was indefinitely postponed.

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