What is the Nebraska Previous Bonus Depreciation Add Back Deduction Rate?
For bonus depreciation added-back in tax years 2000 through 2002, twenty percent (20%) of the total amount may be subtracted in the first taxable year beginning or deemed to begin on or after January 1, 2005, and twenty percent in each of the four following taxable years.
For bonus depreciation and enhanced section 179 expense deduction add-back in tax years 2003 through 2005, twenty percent (20%) of the total amount may be subtracted in the first taxable year beginning or deemed to begin on or after January 1, 2006, and twenty percent (20%) in each of the four following taxable years.
Partnerships and S corporations cannot take a deduction for any bonus depreciation or enhanced section 179 expense deduction previously added-back. Any such add-back was required to facilitate the calculation of withholding for nonresident individual partners or shareholders
A partner or shareholder, which added-back bonus depreciation or enhanced section 179 expense deduction on its Nebraska income tax return, may recover such amount(s) as indicated in the above "Recovery" section. A nonresident individual partner or shareholder who chose to have the partnership or S corporation withhold on his or her Nebraska income and who did not file a Nebraska Individual Income Tax Return for such year(s) may recover the bonus depreciation and enhanced section 179 expense deduction previously added-back by the entity in calculating his or her Nebraska income and withholding. To recover the amount(s) previously added-back, the nonresident individual must file a Nebraska Individual Income Tax Return for each recovery year. The amount recoverable in each tax year is addressed in the above "Recovery" section.
Bonus Depreciation add back