Neb. Admin. Code § 316-24-008 — Corporate Income Tax: Rate of Tax

008.01 Entities which are subject to the corporation income tax are taxable upon the federal taxable income derived from or connected to sources within Nebraska. 008.01A The tax rate for the entire taxable year is the rate in effect on the first day of the corporate taxpayer's taxable year. Corporate taxpayers on a fiscal year reporting basis must use the tax rate in effect on the first day of the taxable period. Corporate taxpayers may not use varying tax rates in effect for different portions of a taxable year. 008.01B For taxable years beginning after December 31, 1974, and before January 1, 1982, any entity subject to corporation income tax is subject to tax, at a rate equal to 25% of the rate imposed on individuals on the first $25,000 of taxable income, and 27.5% of the rate imposed on individuals on any amount in excess of $25,000. 008.01C For taxable years beginning on or after January 1, 1982 and before January 1, 1987, any entity subject to corporation income tax is subject to tax at a rate equal to 25% of the rate imposed on individuals on the first $50,000 of taxable income, and 35% of the rate imposed on individuals on any amount in excess of $50,000. 008.01D For taxable years beginning on or after January 1, 1987 and before January 1, 1990, any entity subject to corporation income tax is subject to tax at a rate equal to 4.75% on the first $50,000 of taxable income, and at the rate of 6.65% on all taxable income in excess of $50,000. 008.01E For taxable years beginning on or after January 1, 1990 and before January 1, 1991, any entity subject to corporation income tax is subject to tax at a rate equal to 5.17% on the first $50,000 of taxable income, and at the rate of 7.24% on all taxable income in excess of $50,000. 008.01F For taxable years beginning on or after January 1, 1991 and before January 1, 2008, any entity subject to corporation income tax is subject to tax at a rate equal to 5.58% on the first $50,000 of taxable income, and at the rate of 7.81% on all taxable income in excess of $50,000. 008.01G For taxable years beginning on or after January 1, 2008, any entity subject to corporation income tax is subject to tax at a rate equal to 5.58% on the first $100,000 of taxable income, and at the rate of 7.81% on all taxable income in excess of $100,000. 008.02 For taxable years beginning on or after January 1, 1995, an insurance company is subject to taxation at the lesser of the rate described in subsections 008.01A through 008.01G of this section, or the rate of tax imposed by the state or country in which the insurance company is domiciled if the insurance company can establish to the satisfaction of the Tax Commissioner that it is domiciled in a state or country other than Nebraska that imposes a retaliatory tax against the corporation income tax on Nebraska domiciled insurance companies. (Neb. Rev. Stat. § 77-2734.02. July 3, 2013.)