reglab/housing_qa huggingface dataset:
NE Code § 77-5209 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5209 - Beginning farmer or livestock producer; qualifications.

77-5209.  Beginning farmer or livestock producer; qualifications.(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 two hundred thousand dollars, including any holdings by a spouse or dependent, based on fair market value; (b) provides the majority of the day-to-day physical labor and management of his or her farming or livestock production operations; (c) has, by the judgment of the board, adequate farming or livestock production experience or demonstrates knowledge in the type of farming or livestock production for which he or she seeks assistance from the board; (d) demonstrates to the board a profit potential by submitting board-approved projected earnings statements and agrees that farming or livestock production is intended to become his or her principal source of income; (e) demonstrates to the board a need for assistance; (f) participates in a financial management program approved by the board; (g) submits a nutrient management plan and a soil conservation plan to the board on any applicable agricultural assets purchased or rented from an owner of agricultural assets; and (h) has such other qualifications as specified by the board. The qualified beginning farmer or livestock producer net worth thresholds in subdivision (a) of this subsection shall be adjusted annually beginning October 1, 2009, and each October 1 thereafter, by taking the average Producer Price Index for all commodities, published by the United States Department of Labor, Bureau of Labor Statistics, for the most recent twelve available periods divided by the Producer Price Index for 2008 and multiplying the result by the qualified beginning farmer's or livestock producer's net worth threshold. If the resulting amount is not a multiple of twenty-five thousand dollars, the amount shall be rounded to the next lowest twenty-five thousand dollars.(2) A qualified beginning farmer or livestock producer who has participated in a board approved and certified three-year rental agreement with an owner of agricultural assets shall be eligible to file subsequent applications for different assets.Source  Laws 1999, LB 630, § 10;  Laws 2000, LB 1223, § 5;  Laws 2006, LB 990, § 11;  Laws 2008, LB1027, § 7;  Laws 2009, LB447, § 1;  Laws 2019, LB560, § 3.
NE Code § 77-5209.01 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5209.01 - Tax credit for financial management program participation.

77-5209.01.  Tax credit for financial management program participation.A qualified beginning farmer or livestock producer in the first, second, or third year of a qualifying three-year rental agreement 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. The amount of the credit shall be the actual cost of participation in an approved program incurred during the tax year for which the credit is claimed, up to a maximum of five hundred dollars.Source  Laws 2006, LB 990, § 12;  Laws 2019, LB560, § 4.  Cross References  Nebraska Revenue Act of 1967, see section 77-2701.
NE Code § 77-5210 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5210 - Board; annual report.

77-5210.  Board; annual report.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 of the Legislature shall be submitted electronically. Each member of the Legislature shall receive an electronic copy of such report by request to the chairperson of the board. Each report shall include the following information:(1) A complete operating and financial statement for the board for the prior fiscal year;(2) The number of qualified beginning farmers and livestock producers receiving assistance from the board;(3) The number of owners of agricultural assets claiming tax credits and the monetary amount of credits granted by the board; and(4) Any other relevant information which the board deems necessary to report.No information furnished to the board shall be disclosed in the report in such a way as to reveal information from a tax return of any person.Source  Laws 1999, LB 630, § 11;  Laws 2000, LB 1223, § 6;  Laws 2012, LB782, § 141.
NE Code § 77-5212 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5212 - Rental agreement; requirements; appeal.

77-5212.  Rental agreement; requirements; appeal.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 rental agreement with a qualified beginning farmer or livestock producer or if the agricultural assets have previously been approved in a qualifying rental agreement. Any person aggrieved by a decision of the board may appeal the decision, and the appeal shall be in accordance with the Administrative Procedure Act.Source  Laws 1999, LB 630, § 13;  Laws 2006, LB 990, § 14;  Laws 2019, LB560, § 6.  Cross References  Administrative Procedure Act, see section 84-920.
NE Code § 77-5213 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5213 - Tax credit; amount; agreement; review.

77-5213.  Tax credit; amount; agreement; review.(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 a cash rent agreement or (b) fifteen percent of the cash equivalent of the gross rental income in a rental agreement that is a share-rent agreement. Tax credits shall only be approved and certified for rental agreements that are approved and certified by the board under the Beginning Farmer Tax Credit Act.(2) To qualify for the greater rate of credit allowed under subdivision (1)(b) of this section, a share-rent agreement shall provide for sharing of production expenses or risk of loss, or both, between the agricultural asset owner and the qualified beginning farmer or livestock producer. The board may adopt and promulgate rules and regulations, consistent with the policy objectives of the act, to further define the standards that share-rent agreements shall meet for approval and certification of the tax credit under the act.(3) The board shall review each existing three-year rental agreement between a beginning farmer or livestock producer and an owner of agricultural assets on a semiannual basis and shall either certify or terminate program eligibility for beginning farmers or livestock producers or tax credits granted to owners of agricultural assets on an annual basis.Source  Laws 1999, LB 630, § 14;  Laws 2006, LB 990, § 15.
NE Code § 77-5214 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5214 - Board; support and assistance.

77-5214.  Board; support and assistance.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.Source  Laws 1999, LB 630, § 15;  Laws 2012, LB782, § 142.
NE Code § 77-5215 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5215 - Changes; when operative.

77-5215.  Changes; when operative.(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 amended. For all credits earned in tax years beginning or deemed to begin prior to January 1, 2007, under the code, the provisions of the Beginning Farmer Tax Credit Act as they existed prior to such date shall apply.(2) The changes made in sections 77-5203, 77-5209, and 77-5211 by Laws 2008, LB 1027, shall become operative for all credits earned in tax years beginning or deemed to begin on and after January 1, 2008, under the Internal Revenue Code of 1986, as amended. For all credits earned in tax years beginning or deemed to begin prior to January 1, 2008, under the code, the provisions of the Beginning Farmer Tax Credit Act as they existed prior to such date shall apply.Source  Laws 2006, LB 990, § 16;  Laws 2008, LB1027, § 9.
NE Code § 77-5401 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5401 - Act, how cited.

77-5401.  Act, how cited.Sections 77-5401 to 77-5414 shall be known and may be cited as the Rural Economic Opportunities Act.Source Laws 2000, LB 936, § 1.
NE Code § 77-5402 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5402 - Legislative findings and declaration.

77-5402.  Legislative findings and declaration.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 revisions in Nebraska's tax structure to encourage employment and business investment that will significantly and positively impact the economies of the state's small-sized and mid-sized counties.Source Laws 2000, LB 936, § 2.
NE Code § 77-5404 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5404 - Employee of qualified employee leasing company; how treated.

77-5404.  Employee of qualified employee leasing company; how treated.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 Department of Revenue access to the records of employees leased to the client-lessee.Source Laws 2000, LB 936, § 4.
NE Code § 77-5406 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5406 - Transactions and activities not eligible for incentives.

77-5406.  Transactions and activities not eligible for incentives.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 prior to the date of application or date of acquisition, whichever is later. All employees of the acquired business during such period shall be considered base-year employees, and the compensation paid during the base year or the year before acquisition, whichever is later, shall be the base-year compensation. Any investment in the acquisition of such business shall be considered as being made before the date of application;(2) The moving of a business from one location to another when the business was operated in this state during the three hundred sixty-six days prior to the date of application. All employees of the business during such period shall be considered base-year employees;(3) The purchase or lease of any property which was previously owned by the taxpayer or a related person. The first purchase by either the taxpayer or a related person shall be treated as investment if the property was first placed in service in this state after the date of application;(4) The renegotiation of any lease in existence on the date of application which does not materially change any of the terms of the lease, other than the expiration date, shall be presumed to be a transaction entered into for the purpose of generating benefits under the act and shall not be allowed in the computation of any benefit or the meeting of any required employment, wages, and investment levels under the agreement;(5) Any purchase or lease of property from a related person, except that the taxpayer will be allowed any benefits under the act to which the related person would have been entitled on the purchase or lease of the property if the related person was considered the taxpayer; and(6) Any transaction entered into primarily for the purpose of receiving benefits under the act which is without a business purpose other than the reduction of taxes and does not result in increased economic activity in the state.Source Laws 2000, LB 936, § 6.
NE Code § 77-5407 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5407 - Credits authorized.

77-5407.  Credits authorized.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 compensation paid at the project multiplied by the number of equivalent base-year employees. For the computation of such credit, average compensation means the total compensation paid at the project divided by the total number of equivalent employees at the project; and(2) A credit equal to ten percent of the investment made in qualified property at the project.The credits prescribed in subdivisions (1) and (2) of this section shall be allowable for compensation paid and investments made during each year of the entitlement period that the taxpayer is at or above the required levels of employment, wages, and investment. The credits prescribed in subdivision (2) of this section shall also be allowable during the first year of the entitlement period for investment in qualified property at the project after the date of the application and before the required levels of employment, wages, and investment are met.Source Laws 2000, LB 936, § 7.
NE Code § 77-5408 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5408 - Credits; how used.

77-5408.  Credits; how used.(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 the Nebraska Revenue Act of 1967.(2) The credits may be used as allowed in subsection (1) of this section and shall be applied in the order in which they were first allowed. Any decision on how part of the credit is applied shall not limit how the remaining credit could be applied under this section.(3) The credits may be carried over until fully used, except that credits may not be carried over more than three years after the end of the entitlement period.Source Laws 2000, LB 936, § 8. Cross References  Nebraska Revenue Act of 1967, see section 77-2701.
NE Code § 77-5409 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5409 - Recapture or disallowance of credits; procedure.

77-5409.  Recapture or disallowance of credits; procedure.(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 employment, wages, and investment levels at or above those required in the agreement for the entire entitlement period, all or a portion of the incentives set forth in the Rural Economic Opportunities Act shall be recaptured or disallowed.(2) The recapture or disallowance shall be as follows:(a) In the case of a taxpayer who failed to meet the required levels within the required time period, any reduction in the corporate income tax arising from the use of credits prescribed in section 77-5407 shall be deemed an underpayment of the income tax and shall be immediately due and payable; and(b) In the case of a taxpayer who failed to maintain the project at the required levels of employment, wages, and investment for the entire entitlement period, any reduction in tax allowed because of the use of a credit allowed under section 77-5407 shall be partially recaptured from the taxpayer and any carryovers of credits shall be partially disallowed. One-seventh of the credits used shall be recaptured and one-seventh of the remaining carryovers shall be disallowed for each year the taxpayer did not maintain such project at or above the required levels of employment, wages, or investment.(3) Any reduction in tax due, to the extent required to be recaptured, shall be deemed to be an underpayment of the tax and shall be immediately due and payable. When tax benefits were received in more than one year, the tax benefits received in the most recent year shall be recovered first and then the benefits received in earlier years up to the extent of the required recapture.(4) Notwithstanding any other limitations contained in the laws of this state, collections of any taxes deemed to be underpayments by this section shall be allowed for a period of ten years after the signing of the agreement or three years after the end of the entitlement period, whichever is later.(5) Any amounts due under this section shall be recaptured notwithstanding other allowable credits and shall not be subsequently refunded under any provision of the act unless the recapture was in error.(6) The recapture required by this section shall not occur if the failure to maintain the required levels of employment, wages, or investment was caused by an act of God or national emergency.Source Laws 2000, LB 936, § 9.
NE Code § 77-5410 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5410 - Incentives; transferable; when; effect.

77-5410.  Incentives; transferable; when; effect.(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 trust may be distributed to the partners, members, shareholders, or beneficiaries in the same manner as income is distributed for use against their income tax liabilities, and such partners, members, shareholders, or beneficiaries shall be deemed to have made an underpayment of their income taxes for any recapture required by section 77-5409; and(b) The incentives previously allowed and the future allowance of incentives may be transferred when a project covered by an agreement is transferred in its entirety by sale or lease to another taxpayer or in an acquisition of assets qualifying under section 381 of the Internal Revenue Code.(2) The acquiring taxpayer, as of the date of notification of the Tax Commissioner of the completed transfer, shall be entitled to any unused credits and to any future incentives allowable under the act.(3) The acquiring taxpayer shall be liable for any recapture that becomes due after the date of the transfer by the repayment of any benefits received either before or after the transfer.(4) If a taxpayer operating a project and allowed a credit under the act dies and there is a credit remaining after the filing of the final return for the taxpayer, the personal representative shall determine the distribution of the credit or any remaining carryover with the initial fiduciary return filed for the estate. The determination of the distribution of the credit may be changed only after obtaining the permission of the Tax Commissioner.Source Laws 2000, LB 936, § 10.
NE Code § 77-5411 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5411 - Application; time of filing.

77-5411.  Application; time of filing.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.Source Laws 2000, LB 936, § 11.
NE Code § 77-5412 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5412 - Report; contents.

77-5412.  Report; contents.(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 the individual income tax, (c) the number of jobs created, (d) the total number of employees employed by taxpayers at qualifying projects on the last day of the calendar quarter prior to the application date and the total number of employees employed by the taxpayers for the projects on subsequent reporting dates, (e) the expansion of capital investment, (f) the estimated wage levels of jobs created subsequent to the application date, (g) the total number of qualified applicants, (h) the projected future state revenue gains and losses, and (i) the credits outstanding.(3) No information shall be provided in the report that is protected by state or federal confidentiality laws.Source  Laws 2000, LB 936, § 12;  Laws 2012, LB782, § 143.
NE Code § 77-5413 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5413 - Application; filing deadline.

77-5413.  Application; filing deadline.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.Source Laws 2000, LB 936, § 13.
NE Code § 77-5414 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5414 - Rules and regulations.

77-5414.  Rules and regulations.The Tax Commissioner may adopt and promulgate all rules and regulations necessary to carry out the Rural Economic Opportunities Act.Source Laws 2000, LB 936, § 14.
NE Code § 77-5501 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5501 - Act, how cited.

77-5501.  Act, how cited.Sections 77-5501 to 77-5544 shall be known and may be cited as the Invest Nebraska Act.Source Laws 2001, LB 620, § 1.
NE Code § 77-5502 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5502 - Policy.

77-5502.  Policy.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 achieved in a manner that is both fiscally sound and effective, are (1) to aid in the economic and population growth of the state and (2) to assist in the creation of better jobs for the residents of the state.Source Laws 2001, LB 620, § 2.
NE Code § 77-5503 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5503 - Definitions, where found.

77-5503.  Definitions, where found.For purposes of the Invest Nebraska Act, the definitions found in sections 77-5504 to 77-5530 shall be used.Source Laws 2001, LB 620, § 3.
NE Code § 77-5504 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5504 - Additional definitions.

77-5504.  Additional definitions.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.Source Laws 2001, LB 620, § 4. Cross References  Nebraska Revenue Act of 1967, see section 77-2701.
NE Code § 77-5505 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-5505 - Agreement, defined.

77-5505.  Agreement, defined.Agreement means the agreement between the company and the state.Source Laws 2001, LB 620, § 5.