Nebraska R&D Tax Credit Filing Instructions

To claim the Research and Development (R&D) tax credit in Nebraska, businesses must first incur research and experimental (R&D) expenditures within the state, as defined by Internal Revenue Code (IRC) § 174, and generally claim the federal R&D tax credit. The Nebraska R&D tax credit is typically a percentage of the federal credit allowed. Businesses then claim the credit on their Nebraska tax return by completing Form 3800N, Nebraska Incentives Credit Computation, and its accompanying worksheet, Form 3800N Worksheet RD, Research Tax Credit Worksheet. This form and worksheet are submitted along with the taxpayer’s Nebraska income tax return. The credit can be used to reduce income tax liability or, in some cases, obtain a refund of state sales and use taxes paid. Businesses that conduct R&D activities on a college or university campus in Nebraska may qualify for an enhanced credit rate. It is also important to note that businesses claiming the credit must electronically verify the work eligibility status of all newly-hired employees in Nebraska during the tax year in which the credit is claimed.

Nebraska Patent of the Year – 2024/2025

Ting Therapeutics LLC has been awarded the 2024/2025 Patent of the Year for their groundbreaking approach to preventing and treating hearing loss. Their invention, detailed in U.S. Patent No. 11857551, titled ‘Methods for the prevention and treatment of hearing loss’, introduces a novel method for protecting ear cells from damage caused by chemotherapy and noise exposure.

This patented method involves the use of specific compounds to treat and prevent hearing impairments. The compounds work by targeting and protecting the sensitive cells in the inner ear that are susceptible to damage from various sources. By preserving these cells, the method aims to maintain hearing function and prevent the onset of hearing loss.

Ting Therapeutics’ innovation addresses a significant health concern, as acquired hearing loss due to chemotherapy or noise exposure is a major issue. Current treatments are limited, and there are no FDA-approved drugs for the prevention or treatment of such hearing loss. This new approach offers hope for individuals at risk, providing a potential therapeutic option to safeguard hearing health.

With this advancement, Ting Therapeutics LLC is paving the way for new treatments that could significantly improve the quality of life for those affected by hearing loss, marking a significant step forward in medical innovation.