Economic Development Tax Incentives -- Form 775P Filing. NEBRASKA PERSONAL PROPERTY RETURN (FORM 775P) MUST BE FILED WITH THE NEBRASKA DEPARTMENT OF REVENUE ON OR BEFORE MARCH 1 OF EACH YEAR UNLESS AN EXTENSION HAS BEEN GRANTED. ALL RETURNS NOT TIMELY FILED SHALL BE DEEMED A CLAIM FOR EXEMPTION FOR THE FOLLOWING YEAR.
Advice has been requested as to when the Nebraska Personal Property Return, Form 775P, must be filed with the Nebraska Department of Revenue.
Section 77-4105(2), R.S.Supp., 1988, provides an exemption from personal property tax for the following property, provided all other requirements of Chapter 77, Article 41 are met:
(a) Turbine-powered aircraft . . . (b) Mainframe business computers . . . plus all peripheral components which require environmental controls of temperature and power connected to such computers . . . disk drives, and communication controllers. (c) Personal property which is business equipment if (i) the business equipment is involved directly in the manufacture or processing of agricultural products. . .
The Nebraska Personal Property Return, Form 775P, with accompanying schedules, must be filed with the Nebraska Department of Revenue on or before March 1 of each year unless an extension of time has been granted. An extension may be granted if a taxpayer files a written request before March 1 stating the reasons the return cannot be timely filed. Under no circumstances shall an extension be granted beyond March 31.
Any return and accompanying schedules filed after March 1 or the extended filing period shall be considered a claim for exemption for the following year.
John M. Boehm
State Tax Commissioner
December 22, 1989