When must I file the Nebraska Personal Property Return (Form 775P) to keep my LB 775 property tax exemption?

Plain-English summary

Nebraska's Employment and Investment Growth Act (LB 775) gave qualifying companies a personal property tax exemption on certain property. This short ruling sets the deadline for claiming that exemption each year.

The rule: the Nebraska Personal Property Return (Form 775P), with its accompanying schedules, must be filed with the Department of Revenue on or before May 1 of each year. Under Neb. Rev. Stat. § 77-4105(2), the exemption covers (provided all other requirements of Chapter 77, Article 41 are met):

• (a) turbine-powered aircraft;
• (b) certain business computers and related equipment (disk drives and communication controllers); and
• (c) personal property that is business equipment used directly in the manufacture or processing of agricultural products.

The consequence of filing late is severe: no extension will be granted under any circumstances, and failure to timely file is deemed a waiver of the exemption for that year. Any return and schedules filed after May 1 will be denied, and the property becomes subject to tax by the counties.

This ruling supersedes Revenue Ruling 29-89-4 (issued December 22, 1989) and was approved by State Tax Commissioner M. Berri Balka on February 19, 1993.

Source-quality note: the official PDF is a scanned image and the machine-extracted "Original ruling text" below is partly garbled. The holding, deadline, exemption categories, and citations summarized here were confirmed against a cleaner reading of the same scanned document; the raw extraction is preserved below for transparency.

What this means for you

A company holding an LB 775 personal property tax exemption

Put May 1 on your calendar as a hard deadline. File Form 775P and all its schedules on or before that date every year. There is no extension, and missing the date doesn't just delay the exemption — it waives it for the whole year, and the counties can tax the property.

Accountants managing incentive-program clients

Treat the 775P deadline as non-negotiable and non-extendable. A late-filed return is denied outright, so build the filing well ahead of May 1 rather than relying on any grace period.

Common questions

Q: When is Nebraska Form 775P due?
A: On or before May 1 of each year. No extension is granted.

Q: What happens if I file Form 775P late?
A: Filing after May 1 is deemed a waiver of the exemption for that year — the return is denied and the property becomes subject to tax by the counties.

Q: What property does the exemption cover?
A: Under § 77-4105(2), turbine-powered aircraft; certain business computers and related equipment (disk drives and communication controllers); and business equipment used directly in manufacturing or processing agricultural products — if all other Chapter 77, Article 41 requirements are met.

Citations and references

• Neb. Rev. Stat. § 77-4105(2), R.R.S. 1943 — sets out the personal property tax exemption categories.
• Neb. Rev. Stat. Chapter 77, Article 41 — the Employment and Investment Growth Act requirements that must also be met.
• Revenue Ruling 29-89-4 (issued December 22, 1989) — the earlier ruling this one supersedes.

Source

• Landing page: https://revenue.nebraska.gov/about/legal-information/revenue-rulings-issued-tax-commissioner
• Original PDF: https://revenue.nebraska.gov/sites/revenue.nebraska.gov/files/doc/legal/rulings/rr299302_775p.pdf

Original ruling text

Revenue Ruling 29-93-2
Supersedes Revenue RuJ-ing 29_g9:4

Tnebraska

I deoartment

I of 'revenue

I

c
LOP
TÀX T ENTTVE
ORM 77 P FILI
NEBRÀSKÀ
PERSONÀT PROPERTY RETURN ( FORIÍ 775P) MUST
BE
FILED
IVITH
THE
NEBRÀSKÀ DEPÀRTMENT OF REVENUE ON OR BEFORE
MÀY I OF EACH YEAR.
FÀILURE TO TIMELY FTLE TfILL BE DEEMED TO BE À !{ÀTVER OF
THE

EXEMPTION FOR THÀT YEAR.

ÀdvÍce has been reguesÈed as to when the Nebraska Personal
Property Return, Form 775p, must be filed with the Nebraska
Department of Revenue.
section 77'-4105(2), R.R.s. -1943, provides an exemption from
personal property tax for the
forlõwing property,
other requj.rements of chapter 77, Articlã qt åre ¡iét,piovided aIl

(a) Turbine-powered aircraft
(b)

computers

dÍsk

drives,

communicat,ion controLlers .

(c)

and

Personal property which is business
eguipment if (Í) the business equipment
is involved directly in the manütaèture
or
processing of
agriculÈural

products

The Nebraska personal property Return,
77sp, with
accompanying schedules, must bè filed with the Form
Nebraska'Department of Revenue on or before May 1 of each year. under no
circumstances will an extension be'grunt"d
FaÍlure to timely file Form 775P will be
to be a waiver
of .the exemption of that property for that deemed
year-. - o"" ;;;;;"
tax
accompanying schedureã tirea-after May 1 will be denied, and
3ld
the property subject to tax by the counties.
ÀPPROVED:

M. Berri
State Tax Com¡nissi.oner
February JÈ

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