§ 77-2734.07 — Income tax; adjustments to federal taxable income; rules and regulations

Nebraska § 77-2734.07

• Jurisdiction: Nebraska
• Ch. 77: Revenue and Taxation

Text

(1) There shall be added to federal taxable income the amount
of any federal deduction because of a carryforward of a net operating loss
or any capital loss.
(2) There shall be allowed a deduction for a carryforward
of a net operating loss or capital loss that is connected with operations
in Nebraska. For a net operating loss or capital loss incurred in taxable
years beginning or deemed to begin on or after January 1, 1987, and before January 1, 2014, the
deduction shall be allowed only for each of the five taxable years succeeding
the year of the loss. For a
net operating loss incurred in taxable years beginning or deemed to begin
on or after January 1, 2014, the deduction shall be allowed only for each
of the twenty taxable years succeeding the year of the loss. For a capital
loss incurred in taxable years beginning or deemed to begin on or after January
1, 2014, the deduction shall be allowed only for each of the five taxable
years succeeding the year of the loss.
(3) Except as otherwise provided in this section, there shall
be allowed a carryback of a net operating loss or a capital loss that is connected
with operations in Nebraska. For a net operating loss or capital loss incurred
in taxable years beginning or deemed to begin on or after January 1, 1987,
no such carryback shall be allowed.
(4) The amounts in subsections (2) and (3) of this section
shall be computed pursuant to rules and regulations adopted and promulgated
by the Tax Commissioner. Such regulations shall be in accord with the laws
of the United States regarding carryforwards and carrybacks.

Legislative History

Source: Laws 1984, LB 1124, § 10; Laws 1987, LB 772, § 4; Laws 2013, LB308, § 3.