Tina Barrett, with Nebraska Farm Business, Inc., explains a new tax law that could impact many agricultural operations across our Nebraska

Earlier this year, the Nebraska Legislature passed LB754, which contains changes allowing partnerships and S-corps to elect to pay state income taxes at the entity level, rather than only at the owner level. This opens up potential federal tax benefits for pass-through entities that were previously only available to C-corps in Nebraska. The law also includes options to make this election retroactively from 2018 to 2022.

Tina discusses how this new approach works, who may benefit from it, and what business owners should consider if debating whether to make this election.

Read more: https://cap.unl.edu/finance/nebraska-legislature-approves-pass-through-entity-tax-bill