State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter77 > 77-27_231

77-27,231. Certain business entities; tax credit; amount; treatment.A contribution to a qualified endowment by a small business corporation, partnership, or limited liability company carrying on any trade or business for which deductions would be allowed under section 162 of the Internal Revenue Code or carrying on any rental activity qualifies for the credit provided in section 77-27,230. The credit shall be attributed to shareholders, partners, or members in the same proportion used to report the corporation's, partnership's, or limited liability company's income or loss for income tax purposes. The maximum credit per shareholder, partner, or member per tax year is five thousand dollars. The credit allowed under this section may not exceed the taxpayer's income tax liability. The credit cannot be carried back or forward, and the credit shall be applied to the tax year in which the contribution is made. SourceLaws 2005, LB 28, § 5; Laws 2006, LB 1010, § 2.Termination Date: January 1, 2010