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1,940 sections in this chapter.
Neb. Rev. Stat. § 77-5031 Tax Equalization and Review Commission Cash Fund; created; use; investment.
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The Tax Equalization and Review Commission Cash Fund is hereby created. All money received by the commission for appeals and services performed and billed to other agencies or persons shall be credited to the fund. The commission shall only bill for the actual amount expended in …
Neb. Rev. Stat. § 77-5201 Act, how cited.
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Sections 77-5201 to 77-5215 shall be known and may be cited as the Beginning Farmer Tax Credit Act.
Neb. Rev. Stat. § 77-5202 Legislative findings.
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(1) The Legislature hereby finds and declares that: (a) Current farm economic conditions in the State of Nebraska have resulted in unemployment, outmigration of people, loss of agricultural jobs, and difficulty in attracting and retaining farm operations; and (b) Major revisions …
Neb. Rev. Stat. § 77-5203 Terms, defined.
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For purposes of the Beginning Farmer Tax Credit Act: (1) Agricultural assets means agricultural land, livestock, farming, or livestock production facilities or buildings and machinery used for farming or livestock production located in Nebraska; (2) Board means the Beginning Farm…
Neb. Rev. Stat. § 77-5204 Beginning Farmer Board; created; duties.
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For the purpose of developing and directing programs to provide increased and enhanced opportunities for beginning farmers and livestock producers, the Beginning Farmer Board is created. For administrative and budgetary purposes only, the board shall be housed within the Departme…
Neb. Rev. Stat. § 77-5205 Board; members; vacancies; removal.
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The board shall consist of the following members: (1) The Director of Agriculture or his or her designee; (2) The Tax Commissioner or his or her designee; (3) One individual representing lenders of agricultural credit; (4) One individual of the academic community with extensive k…
Neb. Rev. Stat. § 77-5206 Board; officers; expenses.
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Once every two years, the members of the board shall elect a chairperson and a vice-chairperson. A member of the board may be reelected to the position of chairperson or vice-chairperson upon the discretion of the board. Members of the board shall be reimbursed for expenses as pr…
Neb. Rev. Stat. § 77-5207 Board; quorum.
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Four of the members of the board shall constitute a quorum for the transaction of official business. The affirmative vote of at least four members shall be necessary for any action to be taken by the board. No vacancy in the membership of the board shall constitute an impairment …
Neb. Rev. Stat. § 77-5208 Board; meetings; application; approval; deadline.
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The board shall meet at least twice during the year. The board shall review pending applications in order to approve and certify beginning farmers and livestock producers as eligible for the programs provided by the board, to approve and certify owners of agricultural assets as e…
Neb. Rev. Stat. § 77-5209 Beginning farmer or livestock producer; qualifications.
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(1) The board shall determine who is qualified as a beginning farmer or livestock producer based on the qualifications found in this section. A qualified beginning farmer or livestock producer shall be an individual who: (a) Has a net worth of not more than seven hundred fifty th…
Neb. Rev. Stat. § 77-5209.01 Tax credit for financial management program participation.
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A qualified beginning farmer or livestock producer shall be allowed a one-time refundable credit against the income tax imposed by the Nebraska Revenue Act of 1967 for the cost of participation in the financial management program required for eligibility under section 77-5209. Th…
Neb. Rev. Stat. § 77-5209.02 Personal property tax exemption; authorized; application; form; county assessor; duties; protest; hearing; appeal; continuation of exemption.
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(1) Agricultural and horticultural machinery and equipment of a qualified beginning farmer or livestock producer utilized in the beginning farmer's or livestock producer's operation may be exempt from tangible personal property tax to the extent provided in this section. (2) A qu…
Neb. Rev. Stat. § 77-5210 Board; annual report.
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The board shall submit an annual report of the activities and actions of the board for the preceding fiscal year to the Governor, the Legislative Fiscal Analyst, and the Clerk of the Legislature by December 1. The report submitted to the Legislative Fiscal Analyst and the Clerk o…
Neb. Rev. Stat. § 77-5211 Owner of agricultural assets; tax credit; when.
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(1) Except as otherwise disallowed under subsection (7) of this section, an owner of agricultural assets shall be allowed a refundable credit against the income tax imposed by the Nebraska Revenue Act of 1967 for agricultural assets rented on a rental agreement basis, including c…
Neb. Rev. Stat. § 77-5212 Rental agreement; requirements; appeal.
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In evaluating a rental agreement between an owner of agricultural assets and a qualified beginning farmer or livestock producer, the board shall not approve and certify credit for an owner of agricultural assets who has, with fault, terminated a prior board approved and certified…
Neb. Rev. Stat. § 77-5213 Tax credit; amount; agreement; review.
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(1) The tax credit approved and certified by the board under section 77-5211 for an owner of agricultural assets in the first, second, or third year of a qualifying rental agreement shall be equal to (a) ten percent of the gross rental income stated in a rental agreement that is …
Neb. Rev. Stat. § 77-5214 Board; support and assistance.
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In order to carry out the provisions of the Beginning Farmer Tax Credit Act, the Department of Agriculture shall provide any and all of the necessary support and assistance to the board.
Neb. Rev. Stat. § 77-5215 Changes; when operative.
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(1) The changes made in sections 77-5201, 77-5203, 77-5208, 77-5209, and 77-5211 to 77-5213 by Laws 2006, LB 990, shall become operative for all credits earned in tax years beginning or deemed to begin on and after January 1, 2007, under the Internal Revenue Code of 1986, as amen…
Neb. Rev. Stat. § 77-5401 Act, how cited.
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Sections 77-5401 to 77-5414 shall be known and may be cited as the Rural Economic Opportunities Act.
Neb. Rev. Stat. § 77-5402 Legislative findings and declaration.
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The Legislature finds and declares that: (1) Population and economic growth in Nebraska has for many years been greater in counties with relatively large populations and economies than in most of Nebraska's less populated counties; and (2) It is the policy of the state to make re…
Neb. Rev. Stat. § 77-5403 Terms, defined.
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For purposes of the Rural Economic Opportunities Act: (1) Any term defined in the Nebraska Revenue Act of 1967 and used in the Rural Economic Opportunities Act has the same meaning as in the Nebraska Revenue Act of 1967; (2) Average annual total employment means the average total…
Neb. Rev. Stat. § 77-5404 Employee of qualified employee leasing company; how treated.
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An employee of a qualified employee leasing company shall be considered to be an employee of the client-lessee for purposes of the Rural Economic Opportunities Act if the employee performs services for the client-lessee. A qualified employee leasing company shall provide the Depa…
Neb. Rev. Stat. § 77-5405 Incentives; application; fee; approval; written agreement.
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(1) In order to use the incentives in the Rural Economic Opportunities Act, the taxpayer shall file an application for an agreement with the Tax Commissioner. (2) The application shall contain: (a) A written statement describing the plan of employment, wages, and investment for a…
Neb. Rev. Stat. § 77-5406 Transactions and activities not eligible for incentives.
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The following transactions or activities shall not create any credits or allow any benefits under the Rural Economic Opportunities Act: (1) The acquisition of a business which is continued by the taxpayer and which was operated in this state during three hundred sixty-six days pr…
Neb. Rev. Stat. § 77-5407 Credits authorized.
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Any taxpayer who qualifies for the incentives by adding the number of employees, wages, and investment required in section 77-5405 shall be entitled to: (1) A credit equal to five percent of the amount by which the total compensation paid during the year exceeds the average compe…
Neb. Rev. Stat. § 77-5408 Credits; how used.
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(1) The credits prescribed in section 77-5407 shall be established by filing the forms required by the Tax Commissioner with the income tax return for the year. The credits may be used after any other nonrefundable credits to reduce the taxpayer's income tax liability imposed by …
Neb. Rev. Stat. § 77-5409 Recapture or disallowance of credits; procedure.
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(1) If the taxpayer fails either to meet the required levels of employment, wages, or investment for the applicable project by the end of the second year after the end of the year the application was submitted for such project or to use such project in a qualified business at emp…
Neb. Rev. Stat. § 77-5410 Incentives; transferable; when; effect.
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(1) The incentives allowed under the Rural Economic Opportunities Act shall not be transferable except in the following situations: (a) Any credit allowable to a partnership, a limited liability company, a subchapter S corporation, a subchapter T cooperative, or an estate or trus…
Neb. Rev. Stat. § 77-5411 Application; time of filing.
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Any complete application filed on or after July 13, 2000, shall be considered a valid application on the date submitted for the purposes of the Rural Economic Opportunities Act.
Neb. Rev. Stat. § 77-5412 Report; contents.
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(1) The Tax Commissioner shall submit electronically an annual report to the Legislature no later than June 30 of each year. (2) The report shall state by industry group (a) the credits earned, (b) the credits used to reduce the corporate income tax and the credits used to reduce…
Neb. Rev. Stat. § 77-5413 Application; filing deadline.
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There shall be no project applications filed on or after July 1, 2004, except that all project applications and all project agreements pending, approved, or entered into before such date shall continue in full force and effect.
Neb. Rev. Stat. § 77-5414 Rules and regulations.
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The Tax Commissioner may adopt and promulgate all rules and regulations necessary to carry out the Rural Economic Opportunities Act.
Neb. Rev. Stat. § 77-5501 Act, how cited.
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Sections 77-5501 to 77-5544 shall be known and may be cited as the Invest Nebraska Act.
Neb. Rev. Stat. § 77-5502 Policy.
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It is the policy of this state to enact appropriate legislation to encourage new businesses to relocate to and existing businesses to expand in Nebraska and to provide appropriate inducements to encourage new and existing businesses to do so. The goals of the policy, to be achiev…
Neb. Rev. Stat. § 77-5503 Definitions, where found.
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For purposes of the Invest Nebraska Act, the definitions found in sections 77-5504 to 77-5530 shall be used.
Neb. Rev. Stat. § 77-5504 Additional definitions.
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Any term defined in the Nebraska Revenue Act of 1967 and used in the Invest Nebraska Act has the same meaning in the Invest Nebraska Act unless the context requires a different meaning.
Neb. Rev. Stat. § 77-5505 Agreement, defined.
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Agreement means the agreement between the company and the state.
Neb. Rev. Stat. § 77-5506 Base year, defined.
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Base year means the year immediately preceding the year in which the start date occurs.
Neb. Rev. Stat. § 77-5507 Base-year employee, defined.
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Base-year employee means any individual who was employed in Nebraska and subject to the Nebraska income tax on compensation received from the company or its predecessors during the base year and who is employed at the project.
Neb. Rev. Stat. § 77-5508 Board, defined.
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Board means the Invest Nebraska Board, which shall consist of the Governor, the State Treasurer, and the chairperson of the Nebraska Investment Council.
Neb. Rev. Stat. § 77-5509 Company, defined.
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Company means (1) any person subject to sales and use taxes and either the income tax imposed by the Nebraska Revenue Act of 1967 or the franchise tax under sections 77-3801 to 77-3807, (2) any corporation, partnership, limited liability company, or joint venture that is or would…
Neb. Rev. Stat. § 77-5510 Company training program, defined.
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Company training program means any program developed or operated by or for the benefit of the company which screens, trains, or educates recruits, potential employees, or actual employees of the company, or any combination thereof, in order to enable the recruits or employees to …
Neb. Rev. Stat. § 77-5511 Company workplace safety program, defined.
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Company workplace safety program means any program used by the company to further the workplace safety of employees employed at the project.
Neb. Rev. Stat. § 77-5512 Compensation, defined.
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Compensation means the wages and other payments subject to withholding for federal income tax purposes.
Neb. Rev. Stat. § 77-5513 Educational institution training program, defined.
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Educational institution training program means any training program established by or conducted by any public or private educational institution that provides training or education for recruits, potential employees, or actual employees of the company, or any combination thereof, …
Neb. Rev. Stat. § 77-5514 Employee, defined.
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Employee means a person employed at the project. An employee of a qualified employee leasing company shall be deemed to be an employee of the client-lessee if the employee performs services for the client-lessee. A qualified employee leasing company shall provide the Department o…
Neb. Rev. Stat. § 77-5515 Employee benefit program, defined.
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Employee benefit program means health and dental benefits, dependent care, life insurance, disability insurance, or relocation costs provided to or for the benefit of employees, which programs are qualified under the Internal Revenue Code of 1986, as amended.
Neb. Rev. Stat. § 77-5516 Entitlement period, defined.
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(1) Entitlement period is ten years, meaning the year during which the required increases in employment and investment were met or exceeded or that meets the conditions in subsection (2) of this section and the next one hundred eight months. (2) Solely for the purpose of determin…
Neb. Rev. Stat. § 77-5517 Equivalent employees, defined.
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Equivalent employees means the number of employees computed by dividing the total hours paid in a year by the product of forty times the number of weeks in a year.
Neb. Rev. Stat. § 77-5518 Genetic information, defined.
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Genetic information means information about a gene, gene product, or inherited characteristic derived from a genetic test.