Nebraska Pass-Through Entity Tax (PTET)

Earlier this year, Governor Jim Pillen signed a bill into law for the Nebraska Pass-Through Entity Tax (PTET).  Nebraska joined 36 other states enacting a PTET law, which allows S Corporations and Partnerships to pay and deduct Nebraska income taxes at the entity level. The benefit of paying at the entity level is that it creates a federal tax deduction for the Nebraska income tax paid.

Nebraska’s PTET Election is unique as it is retroactive, meaning there is the ability to go back to tax years 2018 – 2022 to elect to pay this tax at the entity level.  Click here for more information on the PTET Election: https://revenue.nebraska.gov/businesses/nebraska-pass-through-entity-tax-ptet

At Bland, we are committed to helping our clients maximize the tax savings that may be available through a Nebraska PTET Election.  Please contact us by November 3rd if you would like our tax specialists to run through the Nebraska PTET analysis to determine if an election is right for your pass-through entity.