Nebraska Enacts Pass-Through Entity Tax Law
In the July/August issue of the Nebraska CPA, Jeff Schaffart and Nick Bjornson discuss Nebraska's recent enactment of a pass-through entity tax (PTET) law, signed into law on May 31, 2023. The law allows pass-through entities to voluntarily pay state income taxes on behalf of their owners, circumventing the SALT cap and potentially resulting in significant federal income tax savings. You can read their full article at the link below.
Additionally, for the latest update regarding the Nebraska Department of Revenue (NDOR) releasing essential forms to facilitate the implementation of Nebraska's new Pass-Through Entity Tax (PTET) law, please check out Nebraska Department of Revenue Publishes PTET Forms.