LB401

Nebraska LB401 amends income tax provisions for partnerships and small business corporations, and modifies notices of deficiency, deficiencies, and.

Nebraska LB401 changes income tax rules for partnerships and small business corporations, including how they file returns and pay taxes. It allows small business corporations and partnerships to make irrevocable elections to pay taxes at the entity level. The bill also modifies procedures for notices of deficiency, deficiencies, and denials of refund claims, including deadlines and methods for filing claims and appealing decisions. The bill repeals and replaces existing sections of the Nebraska Revenue Act of 1967 related to these topics.