PTC: Property Tax Incentive Act Credit (2024)
Nebraska · Nebraska DOR · Used for tax years 2024
Nebraska Form PTC is used to identify property parcels and compute a credit for qualified community college property taxes paid in 2024. It reports parcel details and eligible taxes paid and is filed with the Nebraska income tax or financial institution tax return on which the cr
Who files this form
File Form PTC if you paid qualified Nebraska community college property taxes and are claiming the credit. This applies to individuals, corporations, partnerships, LLCs, fiduciaries, and financial institutions.
For the 2024 form, Part B covers qualified property taxes paid during calendar year 2024, whether you paid them directly or through a mortgage escrow account.
What you'll need
Have the following information ready:
- The name and Social Security number or Nebraska ID number shown on your tax return.
- For each parcel, the property tax year, Nebraska county number, parcel ID number, and qualified community college property taxes you paid in 2024.
- Information from the Nebraska Property Tax Look-up Tool, which the Department of Revenue strongly recommends using.
- Your property tax records, including the county treasurer’s Real Estate Tax Statement, if using your records to calculate qualified taxes paid.
Print or save the Look-up Tool results if you use it. Keep records for at least three years after filing the return claiming the credit.
How to file
File Form PTC with the Nebraska income tax or financial institution tax return on which you claim the credit. The listed returns are Forms 1040N, 1041N, 1065N, 1120N, 1120NF, and 1120-SN.
- Complete Part B first. Use the Nebraska Property Tax Look-up Tool to find the information for each parcel.
- Make a separate entry for each parcel and each property tax year for which you paid qualified taxes in calendar year 2024. If you need more rows, attach a schedule in the same format as Part B.
- Add the eligible community college property taxes and enter the total on line 2a.
- Copy line 2a to Part A, line 1, and to the appropriate Nebraska tax return.
The supplied text does not give a mailing address or e-file instructions.
Common mistakes
- Using a license plate county number. Use the county number from the Look-up Tool or County Parcel ID Search instead.
- Leaving out Lancaster County parcel ID dashes. Lancaster County parcel IDs must include dashes. Parcel IDs for the other 92 counties have 9 or 10 digits and no dashes.
- Combining property tax years in one entry. Enter each parcel and each property tax year separately. For most taxpayers, the property tax year for taxes paid in 2024 will be 2023.
- Including ineligible taxes. Qualified taxes exclude taxes for bonded indebtedness, voter-approved levy overrides, and credits applied to the taxes levied. Taxes that were five years or more delinquent when paid also cannot be included. The Look-up Tool accounts for these exclusions.
- Entering cents. Use whole dollars. Round 50 through 99 cents up and amounts below 50 cents down.
- Discarding records too soon. Retain records for at least three years after filing the return claiming the credit.
Questions people ask
Can I claim school district property taxes on the 2024 Form PTC?
No. For tax years beginning on or after January 1, 2024, Form PTC is used only for the credit for community college property taxes paid. School district property tax relief is provided directly on the property tax statement, reducing taxes before payment.
When are taxes paid through my mortgage escrow account considered paid?
They are considered paid when the county treasurer receives the payment from the escrow account, not when you make your mortgage payment.
Can I claim the credit if I reimbursed a seller for property taxes?
No, not for taxes the seller had already paid. The buyer cannot claim a credit for that reimbursement because the county treasurer already received the seller’s payment.
Which payments count if my fiscal tax year begins in 2024 and ends in 2025?
You may complete Part B for qualified property taxes paid during the entire 2024 calendar year. You cannot include qualified property taxes paid in 2025 in the credit claimed for that fiscal year.