Bill
Bill > LB827
NE LB827
Provide income tax deductions for the cost of certain property and for certain research or experimental expenditures
summary
Introduced
01/06/2022
01/06/2022
In Committee
01/10/2022
01/10/2022
Crossed Over
Passed
Dead
04/20/2022
04/20/2022
Introduced Session
107th Legislature
Bill Summary
A BILL FOR AN ACT relating to revenue and taxation; to amend sections 77-2701 and 77-2716, Revised Statutes Supplement, 2021; to allow income tax deductions for the cost of certain property and for certain research or experimental expenditures as prescribed; to harmonize provisions; and to repeal the original sections.
AI Summary
This bill allows income tax deductions for:
1. The full cost of certain business assets, known as "qualified property" and "qualified improvement property," in the year the property is placed in service, rather than depreciating the cost over time. This full expensing deduction applies to property placed in service after December 31, 2021.
2. Research or experimental expenditures paid or incurred by the taxpayer in connection with their trade or business, regardless of any future changes to the federal treatment of such expenditures. Taxpayers can fully deduct these expenses in the year incurred or elect to amortize them over a five-year period.
The bill amends existing Nebraska tax law to allow these new deductions, which are intended to encourage investment in certain business assets and research and development activities.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Indefinitely postponed (on 04/20/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=47039 |
| Fiscal Note for LB827 | https://nebraskalegislature.gov/FloorDocs/107/PDF/FN/LB827_20220222-121108.pdf |
| Analysis - Statement of Intent | https://nebraskalegislature.gov/FloorDocs/107/PDF/SI/LB827.pdf |
| BillText | https://nebraskalegislature.gov/FloorDocs/107/PDF/Intro/LB827.pdf |
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