| State: |
NE |
| Incentive Type: |
Income/Franchise Tax Incentives and Credits |
| Incentive Title: |
Jobs Credits |
| Description: |
1. NEBRASKA ADVANTAGE ACT (LB 312): Five tier incentive program that provides wage credits, sales tax refunds and personal property tax exemptions depending on the amount of the investment. The program is divided into the following tiers: TIER ONE- Small businesses that have a million in new investment and create 10 new jobs are eligible to receive a sales tax refund, sliding wage credit and 3% investment credit. Eligible businesses include manufacturers, R&D firms and testing businesses and technology-related services where 75% of the sales and licensing are out-of-state customers or the federal government. TIER TWO- A business that has $3,000,000 in new investment and creates 30 new jobs may receive a sales tax refund, sliding scale wage credit and a 10% investment credit. TIER THREE- A business that creates 30 new jobs qualifies to receive a sliding scale wage credit. No investment is necessary. TIER FOUR- Businesses that have $10,000,000 in new investment and create 100 new jobs are eligible to receive a sales tax refund, jobs credit and investment credit. Businesses in this tier also receive a personal property tax exemption for turbine-powered aircraft, mainframe computers, agricultural product pcocessing machinery and personal property used in a distribution facility. TIER FIVE- A business that makes a $30,000,000 but does not create any new jobs may receive a sales tax refund on the on eligible property with the project.
2. NEBRASKA RURAL ADVANTAGE Two level tax incentive program for rural counties. Depending on the number of jobs created and total investment, a business receives wage credits, investment credits and and partial sales tax refunds. |
| Eligibility Requirements: |
1.Restaurants, farms and ranches, retail stores and contracting and repair businesses do not qualify.
2.Level One credits require and investment of $125,000, 2 new full-time jobs created and be located in counties with populations less than 15,000 or located in a federal empowerment zone. Level Two credits require an investment of $250,000, 5 new full-time jobs created and located in counties with populations less than 25,000. |
| Geographic Restrictions: |
Statewide |
| Granting Authority: |
Nebraska Department of Economic Development |
|
Nebraska Advantage Act LB 312 |
