316 NAC 20-006. CREDIT FOR ESTIMATED TAXES PAID

REG-20-006 CREDIT FOR ESTIMATED TAXES PAID 006.01 The amount of the current taxable year's estimated Nebraska income tax payments shall be allowed as a credit on the current taxable year's Nebraska income tax return. All payments of estimated income tax are deemed to be payments on account of the tax due. 006.02 If the current year's estimated tax payments plus the allowable credits exceed the amount of tax due, the taxpayer may have the overpayment refunded or he or she may apply it against the estimated income tax for the succeeding taxable year. If the taxpayer elects to have the overpayment credited to the succeeding year's estimated Nebraska income tax, then the overpayment shall not later be refunded or adjusted unless the taxpayer submits a written request to the Nebraska Department of Revenue. If such a request is approved, then the taxpayer must amend his or her succeeding year's payments of estimated Nebraska income tax accordingly. In any event, the amount of the overpayment that can be refunded or adjusted is limited to that part of the overpayment that has not already been credited on a Nebraska estimated income tax payment voucher for the succeeding year. (Section 77-2791(4), R.R.S. 1943, and Section 77-2769, R.S.Supp., 1984. December 4, 1984.)