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LB 401

Change provisions relating to income taxes imposed on partnerships and small business corporations and notices of deficiency determinations, deficiencies, and denials of claims for refunds

109th Legislature (2025-2026) Introduced by Brad von Gillern

Bill 5 SummaryBill Number: LB 401Title: Change provisions relating to income taxes imposed on partnerships and small business corporations and notices of deficiency determinations,

Provisions/portions of LB401 amended into LB647 by AM1202
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Bill Summary · LB 401

Bill 5 Summary

Bill Number: LB 401
Title: Change provisions relating to income taxes imposed on partnerships and small business corporations and notices of deficiency determinations, deficiencies, and denials of claims for refunds
Status: Provisions/portions of LB401 amended into LB647 by AM1202
Introduced: January 17, 2025

Key Points:
- Requires the Tax Commissioner to provide written notices detailing the facts, circumstances, and reasoning used when sending notices regarding underpayment, deficiencies, proposed deficiency determinations, or confirming there was no overpayment
- Allows partnerships and small business corporations the discretion to elect to pay taxes, interests, and/or penalties at the entity level
- Allows the refundable tax credit for the year the election is made, regardless of when the tax is paid

Compiled from official sources — confirm details with the bill’s official record.

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