The state of Nebraska has made the following tax law changes for tax year 2019:
- Nebraska has taken steps to fight identity theft concerns. This may result in additional processing time. Nebraska has alerted taxpayers that it will take a minimum of 30 days to receive refunds from electronically filed error free returns. If you paper mail your return, your refund will take a minimum of 3 months to receive a refund from an error free return.
- The Angel Investment Tax Credit Act has been discontinued after Calendar year 2019. No tax credits may be claimed after the 2019 calendar year.
- For tax years beginning January 1, 2020, the threshold AGI for determining the decreasing adjustment for social security benefits has been adjusted. The same adjustment percentage is also used to adjust the individual income tax brackets and personal exemption credit. The taxable social security thresholds adjusted for inflation does not apply to the 2019 return.
- For taxable years beginning on or after January 1st, 2020, and before January 1st, 2026, a nonrefundable credit of $5,000 can be claimed for purchase of a residence in an extremely blighted area. The credit would be available for individuals purchasing a the residence who meet certain requirements.
You can read more information about the changes to Nebraska tax law here.