Get the free Nebraska Severance and Conservation Tax Return

This document is a tax return form for reporting severance and conservation taxes related to oil and natural gas severed in Nebraska. It includes sections for detailing the total value of resources

How to fill out nebraska severance and conservation

How to fill out Nebraska Severance and Conservation Tax Return

1. Obtain the Nebraska Severance and Conservation Tax Return form from the Nebraska Department of Revenue website.
2. Fill in your business name, address, and identification number at the top of the form.
3. Enter the reporting period for which you are filing the return.
4. List the type and quantity of natural resources severed, such as oil or minerals.
5. Calculate the severance tax owed based on the quantities listed and the applicable rates.
6. Complete any additional sections related to conservation tax, if applicable.
7. Review the completed form for accuracy and ensure all necessary signatures are included.
8. Submit the return by mail or electronically, following the instructions provided on the form.

Who needs Nebraska Severance and Conservation Tax Return?

1. Businesses and individuals who sever natural resources in Nebraska, such as oil and gas producers, mineral extractors, and any entity subject to severance tax.

People Also Ask about

What is a severance tax return?

Key Takeaways. Severance tax is a state tax imposed on the extraction of non-renewable natural resources intended for consumption by other states. Severance tax is intended to compensate states for the loss of the non-renewable resources.

What is the tax form for non residents in Nebraska?

Nonresidents are subject for filing form 1040N if they have income sourced from Nebraska.

What is the severance tax in Nebraska?

The taxes levied by section 57-702 shall be levied upon the value of the resources severed, and shall be paid at the rate of three percent of the value of nonstripper oil and natural gas, except that oil produced from properties producing stripper oil shall be subject to a two percent severance tax.

What is the unemployment tax rate in Nebraska?

This measure provides that in tax year 2025 only, the category twelve employment security tax rate will be 0.48. Employers will remain in the category assigned to them for 2025 but will receive a tax rate based on the 2024 tax rate table. Nebraska also increased the “State Unemployment Insurance Tax” from 5% to 20%.

What is the tax bracket in Nebraska?

Nebraska state income tax follows a graduated system, meaning the tax rate increases as your income grows. For the 2024 tax year (the taxes you'll file in 2025), Nebraska has four tax brackets, with rates ranging from 2.46% to 5.84%.

What is the withholding tax rate in Nebraska?

The rates of 2.26% to 6.95% are dependent on the amount of wages and the single individuals tables should be used with no allowances regardless of marital status. What do I do if one of my employees wants additional state income tax withheld?

What is the tax rate for employees in Nebraska?

Nebraska state payroll taxes The state charges a progressive income tax, broken down into four tax brackets. Tax rates range from 2.46% to 6.64%. There are no local taxes, so all of your employees will pay the same state income tax no matter where they live.

For pdfFiller’s FAQs

What is Nebraska Severance and Conservation Tax Return?

The Nebraska Severance and Conservation Tax Return is a tax return form that companies in Nebraska use to report and pay taxes on the extraction of natural resources, such as oil, gas, and minerals, to ensure compliance with state regulations.

Who is required to file Nebraska Severance and Conservation Tax Return?

Businesses and individuals engaged in the extraction and production of natural resources in Nebraska are required to file the Nebraska Severance and Conservation Tax Return.

How to fill out Nebraska Severance and Conservation Tax Return?

To fill out the Nebraska Severance and Conservation Tax Return, taxpayers should provide accurate information about the quantity of resources extracted, the value of those resources, and any applicable deductions before calculating the total tax owed.

What is the purpose of Nebraska Severance and Conservation Tax Return?

The purpose of Nebraska Severance and Conservation Tax Return is to accurately report the extraction of natural resources in the state and to ensure that the tax revenue generated is used for conservation and sustainable resource management efforts.

What information must be reported on Nebraska Severance and Conservation Tax Return?

The information that must be reported on the Nebraska Severance and Conservation Tax Return includes the type and quantity of resources extracted, the sale price or value of the resources, production dates, and any allowable deductions.