There is a new filing requirement that impacts pass-through entities in Nebraska. Pass-through entities include LLC’s, Partnerships and S-corporations. The Nebraska State Legislature recently passed LB 512 which was signed into law on May 30, 2019. The new law requires all pass-through entities with Nebraska source income to file a Nebraska tax return. This is effective for tax years beginning on or after January 1, 2019.
Previous law did not require a filing if all shareholders, members and partners were Nebraska residents and if all of the entity’s income was from Nebraska sources.
To find out more about the change visit the Nebraska Department of Revenue at http://www.revenue.nebraska.gov/info/businctax_notice.html
If you have questions or would like assistance in applying for a business tax ID number, contact us.