Nebraska Administrative Code
Topic - REVENUE, DEPARTMENT OF
Title 350 - Nebraska Department of Revenue, Property Assessment Division
Chapter 42 - Employment and Investment Growth Act Exempt Personal Property Regulations
Section 350-42-003 - PROCEDURES

Universal Citation: 350 NE Admin Rules and Regs ch 42 ยง 003

Current through September 17, 2024

003.01 Taxpayer Filing Responsibilities

003.01A Any taxpayer who has signed an agreement with the Tax Commissioner under the Nebraska Employment and Investment Growth Act, upon qualifying for the exemption from certain personal property taxes, shall file a Claim for Nebraska Personal Property Exemption, Form 775P, and any applicable schedules with the Tax Commissioner
003.01A(1) The taxpayer shall file the Form 775P and Nebraska Schedule I in order to receive the exemption from personal property tax on turbine powered aircraft. The Form 775P and supporting schedule may be filed after the agreement date and before meeting the required levels of investment and employment pursuant to the agreement. All depreciable turbine powered aircraft used in connection with the project and purchased after the application date may be claimed for exemption in the year following the date of acquisition.

003.01A(2) The taxpayer shall file the Form 775P and the applicable Nebraska Schedules II or III in order to receive the exemption from personal property tax on depreciable computer systems, certain depreciable peripheral components connected to such computer systems and depreciable personal property involved directly with the manufacturing or processing of agricultural products. The Form 775P and supporting schedules may be filed after approval by the Tax Commissioner and meeting the required levels of investment and employment pursuant to the agreement. Such depreciable tangible personal property purchased after the application date may be claimed for exemption in the year following of the year in which the required levels of investment and employment were met.

003.01A(3) The qualified property defined in REG-42-002.12 shall be eligible for exemption through the sixteenth December 31 after the filing of the application.

003.01B In order to receive the property tax exemption allowed pursuant to REG-42-003.01A(1)(1) and 42-003.01A(2), the taxpayer shall annually file a claim for exemption on prescribed forms, with the Tax Commissioner on or before May 1. Copies of the forms shall also be filed on or before May 1 with the county assessor of each county in which a project is located. Failure to timely file such forms with the Tax Commissioner, shall constitute a waiver of the exemption for that year.
003.01B(1) A separate claim for exemption must be filed for each project and in each county in which the property is claimed to be exempt.

003.01B(2) Each item of personal property for which an exemption is sought shall be listed on the appropriate forms.

003.01B(3) Each item of personal property acquired for a particular project shall be listed on the Form 775P and supporting schedules for that project.

003.01B(4) All supporting schedules shall be completed using the information and table provided in Reg-42-002.

003.01C No extension in time shall be granted for filing the Form 775P and supporting schedules. The Form 775P and supporting schedules shall be considered filed on time if correctly completed, signed, and postmarked by the U.S. Post Office on or before May 1. If May 1 falls on a Saturday, Sunday, or legal holiday, the next business day shall be the final filing date.

003.01D No amendments to the Form 775P and supporting schedules shall be allowed for omitted property not reported by May 1. All amendments to the Form 775P and supporting schedules shall be filed on or before May 1.

003.01E There shall be no changes made in the prescribed forms issued by the Tax Commissioner without first obtaining written permission for such changes from the Tax Commissioner. Changes include, but are not limited to, copy arrangements, spacing, color of ink and order or sort of date. The foregoing does not apply to typeface unless the alteration of the typeface alters the spacing.

003.01F The taxpayer shall on or before May 1, file a personal property return with the assessor for all taxable tangible personal property in a project See, Personal Property Regulations, Chapter 20. The taxpayer shall on or before May 1, also file the Form 775P and supporting schedules with the county assessor showing the items of tangible personal property for which an exemption is being claimed. The tangible personal property claimed for exemption shall not be listed or commingled with the taxable tangible personal property on the personal property return.

003.02 Tax Commissioners Powers and Duties

003.02A The contents of any application for benefits filed with the Department of Revenue and all supporting information shall be confidential, except for the name of the taxpayer, the location of the project, the amounts of increased employment and investment, and the information required to be reported by Neb. Rev. Stat. Sections 77-4110 and 77-4113.

003.02B The Tax Commissioner shall determine the qualification of each item claimed for exemption on the Form 775P and supporting schedules. For purposes of determining the eligibility of items of depreciable tangible personal property for exemption, the Tax Commissioner is limited to the question of whether the personal property claimed on the Form 775P and supporting schedules falls within the classes of qualified property pursuant to REG-42-002.12.
003.02B(1) The determination of whether a taxpayer is eligible to receive the exemption for personal property based upon meeting the required levels of investment and employment is the responsibility of the Tax Commissioner.

003.02C The Tax Commissioner shall, on or before August 10, certify to the taxpayer and to the affected assessor his or her determination as to the approval or denial of the exemption for the various items of personal property submitted by the taxpayer. The notice of determination shall be sent to the taxpayer and assessor by certified mail with a return receipt.

003.02D In determining the qualification of property for exemption, the Tax Commissioner or his or her duly authorized representative may administer oaths, compel the attendance of witnesses, and require the production of records as may be necessary for the performance of his or her responsibilities.

003.02E In order to determine the qualification of property for exemption, the Tax Commissioner or his or her duly authorized representative may make an investigation, examination, and inspection of the property at the location of the project as set out in the taxpayer's claim.

003.03 Assessor's Responsibilities

003.03A Upon receiving the notice of determination from the Tax Commissioner the assessor shall immediately adjust the taxable value on the personal property tax return filed pursuant to REG-42-003.01F, to reflect each item of tangible personal property disapproved for exemption.
003.03A(1) If it is discovered that personal property which was reported on the Form 775P and supporting schedules was denied an exemption by the Tax Commissioner, such property shall be treated as reported personal property and not subject to the applicable penalties pursuant to REG 20-003.05.

003.03B If after May 1, it is discovered that personal property was not reported on either the personal property return of the taxpayer or the Form 775P and supporting schedules, such property shall be treated as unreported taxable tangible personal property and subject to the applicable penalties pursuant to REG-20-003.05.

003.04 Appeals

003.04A The taxpayer, assessor, or any affected person may appeal the action taken by the Tax Commissioner in the approval or denial of the exemption of personal property pursuant to REG-42-003.02B.
003.04A(1) All appeals shall be filed with the Tax Commissioner within 30 days after the date of the notice of determination and pursuant to the Practice and Procedure Regulation, Chapter 90.

003.04A(2) Upon ten days notice to the taxpayer, assessor, or affected person, the Tax Commissioner shall set a date for hearing the appeal. The Tax Commissioner shall make his or her determination on the appeal within 30 days after the hearing date. The Tax Commissioner shall within seven days after the date of his or her determination of the appeal, send written notice of such determination to the taxpayer, assessor, or affected person.

003.04A(3) Appeal of the Tax Commissioner's determination may be taken within 30 days after the mailing date of the notice, to the Tax Equalization and Review Commission pursuant to Neb. Rev. Stat. Section 77-5013.

Disclaimer: These regulations may not be the most recent version. Nebraska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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