Nebraska 2024 1st Special Session

Nebraska Legislature Bill LB40

Introduced
7/29/24  
Refer
7/30/24  

Caption

Change provisions relating to the determination, apportionment, adjustment, and reporting of taxable income for corporations and other unitary businesses

Impact

The bill's impact on state tax law could be significant, particularly for corporate entities. By modifying how taxable income is computed and reported, LB40 could potentially simplify the tax filing process, leading to reduced opportunities for errors and disputes between the state and businesses. Furthermore, the adjustments proposed could make the state more attractive to businesses that may be deterred by confusing tax structures, ultimately influencing economic growth and job creation within the state.

Summary

LB40 is a legislative proposal aimed at modifying the regulations surrounding the determination, apportionment, adjustment, and reporting of taxable income for corporations and other unitary businesses. The bill seeks to create a more streamlined approach to corporate tax calculations by addressing various complexities inherent to current tax legislation. By clarifying these provisions, the bill aims to promote efficiency and compliance among corporations operating within the state, reducing their administrative burdens related to tax reporting.

Contention

Debate surrounding LB40 may revolve around the implications of its provisions on state revenue and fairness in taxation. Supporters argue that simplifying tax calculations encourages business investment, while opponents might raise concerns over potential loopholes that could disadvantage smaller businesses or alter the competitive landscape among different corporate entities. The Legislative discussions highlight the balancing act of fostering a favorable business environment while ensuring equitable tax contributions across all business sizes.

Companion Bills

No companion bills found.

Previously Filed As

NE LB849

Change provisions relating to insurance rate adjustments

NE LB1059

Change provisions relating to income taxes imposed on partnerships and small business corporations and notices of deficiency

NE LB863

Change an income tax adjustment for federal retirement annuities

NE LB394

Change provisions relating to the determination of damages as a result of eminent domain

NE LB725

Change provisions relating to electric companies and electric cooperative corporations

NE LB1097

Change provisions relating to commitment of mentally incompetent defendants

NE LB628

Change provisions relating to limited liability companies and professional corporations

NE LB387

Change provisions relating to income tax rates

NE LB1040

Change provisions relating to income tax credits for food donations

NE LB173

Change provisions relating to the taxation of nonresident income

Similar Bills

No similar bills found.