Filing Tax Return For My Nebraska LLC?

Legislative Bill 512 became the new Nebraska law on May 30, 2019. It requires all S corporations, limited liability companies, and partnerships with income derived from Nebraska to file tax state tax return beginning after Jan 1, 2019.
 

In the past, single member LLC and partnerships are treated as pass-through entities where owners do not need to file additional tax returns besides their own individual income tax returns. This new law requires these pass-through entities to file separate tax returns.

 Specifically, in Section 77-2734.01(7), the revised language states, A small business corporation or limited liability company return shall be filed only if the small business corporation or limited liability company has income derived from Nebraska sources.

The previous language reads A small business corporation or limited liability company return shall be filed only if the small business corporation or limited liability company has income derived from Nebraska sources one or more of the shareholders of the corporation or members of the limited liability company are not residents of the State of Nebraska or if such corporation or limited liability company has income derived from sources outside this state.
 

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