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Income Tax Credit for Portion of Property Tax Calculator Coming in Feb. 2021 | KTIC Radio

Income Tax Credit for Portion of Property Tax Calculator Coming in Feb. 2021

Income Tax Credit for Portion of Property Tax Calculator Coming in Feb. 2021
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With the final few days of 2020, many of us are looking forward to the new year, and state tax officials say that should include some consideration of planning for the upcoming tax season.

Nebraska State Tax Commissioner Tony Fulton says one of the things that should be keeping in mind is the new income tax credit for property tax paid to local school districts that will be new for the 2020 tax year.

Fulton is reminding property owners they don’t want to leave money on the table, as the credit is fully refundable. “Even if your state income tax liability is zero, that is, you don’t owe anything to the state in taxes, you would still receive the balance of the credit as a refund from the state, but you have to claim it,” said Fulton. “The Department of Revenue is working with the counties and other stakeholders on a parcel look-up tool, through which you’ll be able to compute the school district taxes paid on your property, and the amount of credit you’re entitled to.”

That online tool is expected to become available Feb. 1 of next year.

Fulton says the state will verify rightful ownership of properties with the counties for each credit paid to help prevent fraudulent claims.

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