77-27,232 Corporate income tax credit; amount; treatment. - Nebraska Statutes

77-27,232. Corporate income tax credit; amount; treatment.A corporation shall be allowed a credit against the income tax due under the Nebraska Revenue Act of 1967 in an amount equal to ten percent of any contribution made by the corporation to a qualified endowment. The maximum credit that may be claimed by a corporation for contributions made per tax year under this section is five thousand dollars. The credit allowed under this section shall not exceed the taxpayer's income tax liability. The credit cannot be carried back or forward, and the credit shall be applied to the tax year in which the contribution is made. SourceLaws 2005, LB 28, § 6; Laws 2006, LB 1010, § 3.Termination Date: January 1, 2010