Nebraska Statutes 77-3606. Department; limit on credits; claiming credit; procedure; fraud or misrepresentation; disallowance of credit
(1) The department may approve tax credits under the School Readiness Tax Credit Act each taxable year until the total amount of credits approved for the taxable year reaches seven million five hundred thousand dollars.
Terms Used In Nebraska Statutes 77-3606
- Fraud: Intentional deception resulting in injury to another.
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- Year: shall mean calendar year. See Nebraska Statutes 49-801
(2) A child care and education provider shall claim any tax credits granted under the act by attaching the tax credit certification received from the department under section 77-3604 to the child care and education provider’s tax return. An eligible staff member shall claim any tax credits granted under the act by attaching the tax credit certification received from the department under section 77-3605 to the eligible staff member’s tax return.
(3) If the department finds that a person has obtained a credit by fraud or misrepresentation, the credits shall be disallowed and the taxpayer’s state income tax for such taxable year shall be increased by the amount necessary to recapture the credit.
(4) Credits granted to a taxpayer, but later disallowed, may be recovered by the department within three years from the end of the year in which the credit was claimed.
Source
- Laws 2016, LB889, § 6;
- Laws 2023, LB754, § 19.
- Effective Date: June 1, 2023