Chapter 77 — REVENUE AND TAXATION
2,526 sections in this chapter.
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.
Neb. Rev. Stat. § 77-5519 Genetic test, defined.
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Genetic test means the analysis of human DNA, RNA, and chromosomes and those proteins and metabolites used to detect heritable or somatic disease-related genotypes or karyotypes for clinical purposes. A genetic test must be generally accepted in the scientific and medical communi…
Neb. Rev. Stat. § 77-5520 Investment, defined.
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Investment means the value of qualified property incorporated into or used at the project after the date of the application. For qualified property owned by the company, the value is the original cost of the property. For qualified property rented by the company, the value is the…
Neb. Rev. Stat. § 77-5521 Nebraska average annual wage, defined.
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Nebraska average annual wage means the most recent average annual wage paid by all employers in this state for the most recent calendar year as reported by the Department of Labor on or before the July 1 immediately prior to the beginning of the particular year the company applie…
Neb. Rev. Stat. § 77-5522 Number of new employees, defined.
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Number of new employees means the excess of the number of equivalent employees employed at the project during a year over the number of equivalent employees during the base year.
Neb. Rev. Stat. § 77-5523 Project, defined.
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Project means a project described in the Invest Nebraska Act and approved by the board.
Neb. Rev. Stat. § 77-5524 Project year, defined.
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Project year means any year or portion of a year during the entitlement period of the project.
Neb. Rev. Stat. § 77-5525 Qualified business, defined.
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Qualified business means any business engaged in the activities listed in subdivisions (1) through (5) of this section or in the storage, warehousing, distribution, transportation, or sale of tangible personal property. Qualified business does not include any business activity in…
Neb. Rev. Stat. § 77-5526 Qualified employee leasing company, defined.
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Qualified employee leasing company means a company which places all employees of a client-lessee on its payroll and leases such employees to the client-lessee on an ongoing basis for a fee and, by written agreement between the employee leasing company and a client-lessee, grants …
Neb. Rev. Stat. § 77-5527 Qualified property, defined.
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Qualified property means any tangible property of the type subject to depreciation, amortization, or other recovery under the Internal Revenue Code of 1986, as amended, or the components of such property that will be located and used at the project. Qualified property does not in…
Neb. Rev. Stat. § 77-5528 Related persons, defined.
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Related persons means any corporations, partnerships, limited liability companies, or joint ventures which are or would otherwise be members of the same unitary group, if incorporated, or any persons who are considered to be related persons under section 267(b) and (c) of the Int…
Neb. Rev. Stat. § 77-5529 Start date, defined.
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Start date means the first date after the date of the application on which a qualified investment, that is either all or a part of a building in the project, is placed in service by the owner. For purposes of this definition, placed in service has the same meaning as that used fo…
Neb. Rev. Stat. § 77-5530 Year, defined.
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Year means the taxable year of the company.
Neb. Rev. Stat. § 77-5531 Wage benefit credit; calculation; use.
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(1) The policy of the state in adopting the Invest Nebraska Act is 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. Depending on the nature of the com…
Neb. Rev. Stat. § 77-5532 Refund; interest disallowed.
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Interest shall not be allowable on any refunds paid because of benefits earned under the Invest Nebraska Act.
Neb. Rev. Stat. § 77-5533 Alternate investment tax credit; use.
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(1) A company which has signed an agreement under section 77-5536 may receive, in lieu of any wage benefit credit otherwise allowed by the Invest Nebraska Act, the incentive provided in this section if the agreement is for a project which will result in the investment in qualifie…
Neb. Rev. Stat. § 77-5534 Application; contents; fee; confidentiality.
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(1) In order for the company to be eligible for the wage benefit credit or the investment tax credit, as applicable, the company shall file an application for an agreement with the board. (2) The application shall contain: (a) The exact name of the company and any related compani…
Neb. Rev. Stat. § 77-5535 Board; quorum; meetings; procedures.
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(1) Any two members of the board shall constitute a quorum for the transaction of the business of the board. The Governor shall be the chairperson of the board. The address of the board is the Department of Revenue. (2)(a) The Tax Commissioner is designated as the secretary of th…
Neb. Rev. Stat. § 77-5536 Application; approval; procedure.
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(1) The board shall determine whether to approve the company's application by majority vote based on its determination as to whether the project will sufficiently help enable the state to accomplish the purposes of the Invest Nebraska Act. The board shall be governed by and shall…
Neb. Rev. Stat. § 77-5537 Employment practices prohibited.
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A company entering into an agreement under the Invest Nebraska Act is prohibited from requiring as a condition of employment or promotion at the project that an employee or an individual applying for employment at the project submit to a genetic test or provide genetic informatio…