reglab/housing_qa huggingface dataset:
NE Code § 77-1032 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1032 - Department of Revenue; duties; review of projects; recapture of incentives; Nebraska Advantage Transformational Tourism and Redevelopment Act Cash Fund; created; use; investment.

77-1032.  Department of Revenue; duties; review of projects; recapture of incentives; Nebraska Advantage Transformational Tourism and Redevelopment Act Cash Fund; created; use; investment.(1) The Department of Revenue shall contract with an independent consultant to review each project under the Nebraska Advantage Transformational Tourism and Redevelopment Act every fifth year following July 15, 2010. The review shall be paid for by each project owner. The review shall examine patronage from outside the metropolitan statistical area as defined by the United States Office of Management and Budget in which the project is located, sales data, and employment records to determine the project owner's continued compliance with the provisions of the act. The project owner shall comply with the provisions of this subsection or be subject to the recapture provisions of this section. If it is determined that the project owner was not in compliance, the municipality may recapture all or a portion of the incentives provided under the act.(2) If the taxpayer fails to meet the requirements contained in the agreement for the project either by the end of the fourth year after the end of the year the application was submitted or for the entire entitlement period, all or a portion of the incentives provided under the act shall be recaptured on behalf of the municipality.(3) Notwithstanding any other limitations contained in the laws of this state, collection of any taxes deemed to be underpayments by this section shall be allowed for a period of four years after the end of the entitlement period.(4) Any amounts due under this section shall be recaptured notwithstanding other allowable incentives and shall not be subsequently refunded under any provision of the act unless the recapture was in error.(5) The recapture required by this section shall not occur if (a) the failure to maintain the required levels of employment or investment was caused by an act of God or national emergency or (b) the cost of recapture would exceed the amount to be recaptured in the opinion of the municipality.(6) The Nebraska Advantage Transformational Tourism and Redevelopment Act Cash Fund is created. The fund shall be used by the department to carry out its duties under this section. Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.Source Laws 2010, LB1018, § 32.Cross References   Nebraska Capital Expansion Act, see section 72-1269.  Nebraska State Funds Investment Act, see section 72-1260.
NE Code § 77-1033 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1033 - Transfer of incentives; when; liability for recapture.

77-1033.  Transfer of incentives; when; liability for recapture.(1) The incentives allowed under the Nebraska Advantage Transformational Tourism and Redevelopment Act 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 of 1986, as amended.(2) The acquiring taxpayer, as of the date of notification of the municipality of the completed transfer, shall be entitled 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 for the repayment of any incentives received either before or after the transfer.Source Laws 2010, LB1018, § 33.
NE Code § 77-1034 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1034 - Refunds; interest not allowable.

77-1034.  Refunds; interest not allowable.Interest shall not be allowable on any refunds paid because of incentives earned under the Nebraska Advantage Transformational Tourism and Redevelopment Act.Source Laws 2010, LB1018, § 34.
NE Code § 77-1035 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1035 - Act; restrictions on use.

77-1035.  Act; restrictions on use.The Nebraska Advantage Transformational Tourism and Redevelopment Act may not be used for the construction or financing of a stadium or for support facilities for a stadium.Source Laws 2010, LB1018, § 35.
NE Code § 77-1101 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1101 - Act, how cited.

77-1101.  Act, how cited.Sections 77-1101 to 77-1120 shall be known and may be cited as the New Markets Job Growth Investment Act.Source  Laws 2012, LB1128, § 1;  Laws 2021, LB682, § 1.   Effective Date: May 26, 2021
NE Code § 77-1101.01 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1101.01 - Act; purposes.

77-1101.01.  Act; purposes.The purposes of the New Markets Job Growth Investment Act are to:(1) Provide access to capital to small businesses that are not otherwise able to receive affordable financing;(2) Attract investment dollars from the New Markets Tax Credit Program of the United States Department of the Treasury; and(3) Ensure Nebraska small businesses have access to capital to retain and add jobs.Source  Laws 2021, LB682, § 2.   Effective Date: May 26, 2021
NE Code § 77-1102 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1102 - Definitions, where found.

77-1102.  Definitions, where found.For purposes of the New Markets Job Growth Investment Act, the definitions in sections 77-1103 to 77-1112.02 apply.Source  Laws 2012, LB1128, § 2;  Laws 2021, LB682, § 3.   Effective Date: May 26, 2021
NE Code § 77-1103 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1103 - Applicable percentage, defined.

77-1103.  Applicable percentage, defined.Applicable percentage means zero percent for the first two credit allowance dates, seven percent for the third credit allowance date, and eight percent for the next four credit allowance dates.Source Laws 2012, LB1128, § 3.
NE Code § 77-1104 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1104 - Credit allowance date, defined.

77-1104.  Credit allowance date, defined.Credit allowance date means, with respect to any qualified equity investment:(1) The date on which such investment is initially made; and(2) Each of the six anniversary dates of such date thereafter.Source Laws 2012, LB1128, § 4.
NE Code § 77-1105 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1105 - Letter ruling, defined.

77-1105.  Letter ruling, defined.Letter ruling means a written interpretation of law to a specific set of facts provided by the applicant requesting a letter ruling.Source Laws 2012, LB1128, § 5.
NE Code § 77-1106 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1106 - Long-term debt security, defined.

77-1106.  Long-term debt security, defined.Long-term debt security means any debt instrument issued by a qualified community development entity, at par value or a premium, with an original maturity date of at least seven years after the date of its issuance, with no acceleration of repayment, amortization, or prepayment features prior to its original maturity date. The qualified community development entity that issues the debt instrument may not make cash interest payments on the debt instrument during the period beginning on the date of issuance and ending on the final credit allowance date that exceed the cumulative operating income as defined by regulations adopted under section 45D of the Internal Revenue Code of 1986, as amended, of the qualified community development entity for that period prior to giving effect to the expense of such cash interest payments. This in no way limits the holder's ability to accelerate payments on the debt instrument if the issuer has defaulted on covenants designed to ensure compliance with this section or section 45D of the code.Source Laws 2012, LB1128, § 6.
NE Code § 77-1107 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1107 - Purchase price, defined.

77-1107.  Purchase price, defined.Purchase price means the amount paid to the issuer of a qualified equity investment for the qualified equity investment.Source Laws 2012, LB1128, § 7.
NE Code § 77-1108 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1108 - Qualified active low-income community business, defined.

77-1108.  Qualified active low-income community business, defined.Qualified active low-income community business has the meaning given such term in section 45D of the Internal Revenue Code of 1986, as amended, and 26 C.F.R. 1.45D-1. A business shall be considered a qualified active low-income community business for the duration of the qualified community development entity's investment in, or loan to, the business if the entity reasonably expects, at the time it makes the investment or loan, that the business will continue to satisfy the requirements for being a qualified active low-income community business throughout the entire period of the investment or loan. The term excludes any business that derives or projects to derive fifteen percent or more of its annual revenue from the rental or sale of real estate. This exclusion does not apply to a business that is controlled by, or under common control with, another business if the second business (1) does not derive or project to derive fifteen percent or more of its annual revenue from the rental or sale of real estate and (2) is the primary tenant of the real estate leased from the first business.Source Laws 2012, LB1128, § 8.
NE Code § 77-1109 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1109 - Qualified community development entity, defined.

77-1109.  Qualified community development entity, defined.Qualified community development entity has the meaning given such term in section 45D of the Internal Revenue Code of 1986, as amended, if such entity has entered into an allocation agreement with the Community Development Financial Institutions Fund of the United States Department of the Treasury with respect to credits authorized by section 45D of the code which includes the State of Nebraska within the service area set forth in such allocation agreement. The term includes affiliated entities and subordinate community development entities of any such qualified community development entity.Source Laws 2012, LB1128, § 9.
NE Code § 77-1110 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1110 - Qualified equity investment, defined.

77-1110.  Qualified equity investment, defined.(1) Qualified equity investment means any equity investment in, or long-term debt security issued by, a qualified community development entity that:(a) Is acquired after January 1, 2012, at its original issuance solely in exchange for cash;(b) Has at least eighty-five percent, or one hundred percent with respect to the 2021 allocation, of its cash purchase price used by the issuer to make qualified low-income community investments in qualified active low-income community businesses located in this state by the first anniversary of the initial credit allowance date;(c) Is designated by the issuer as a qualified equity investment and, with respect to awards of the 2021 allocation pursuant to subsection (6) of section 77-1116, is designated by the issuer as a qualified equity investment under section 45D of the Internal Revenue Code of 1986, as amended; and(d) Is certified by the Tax Commissioner as not exceeding the limitation contained in section 77-1115.(2) The term includes any qualified equity investment that does not meet the requirements of subdivision (1)(a) of this section if such investment was a qualified equity investment in the hands of a prior holder.Source  Laws 2012, LB1128, § 10;  Laws 2021, LB682, § 4.   Effective Date: May 26, 2021
NE Code § 77-1111 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1111 - Qualified low-income community investment, defined.

77-1111.  Qualified low-income community investment, defined.Qualified low-income community investment means any capital or equity investment in, or loan to, any qualified active low-income community business. With respect to any one qualified active low-income community business, the maximum amount of qualified low-income community investments made in such business, on a collective basis with all of its affiliates, shall be ten million dollars whether issued to one or several qualified community development entities.Source Laws 2012, LB1128, § 11.
NE Code § 77-1112 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1112 - Tax credit, defined.

77-1112.  Tax credit, defined.Tax credit means a credit against the tax otherwise due under the Nebraska Revenue Act of 1967 or sections 44-101 to 44-165, 77-907 to 77-918, or 77-3801 to 77-3807.Source Laws 2012, LB1128, § 12.Cross References  Nebraska Revenue Act of 1967, see section 77-2701.
NE Code § 77-1112.01 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1112.01 - 2021 allocation, defined.

77-1112.01.  2021 allocation, defined.2021 allocation means a monetary amount of qualified equity investments to be awarded by the Tax Commissioner after the 2021 federal notice under the New Markets Job Growth Investment Act that results in a maximum tax credit utilization in any fiscal year of no more than fifteen million dollars of new tax credits.Source  Laws 2021, LB682, § 5.   Effective Date: May 26, 2021
NE Code § 77-1112.02 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1112.02 - 2021 federal notice, defined.

77-1112.02.  2021 federal notice, defined.2021 federal notice means the announcement by the Community Development Financial Institutions Fund of the United States Department of the Treasury of allocation awards under a notice of funding availability that was published in the Federal Register in September 2020.Source  Laws 2021, LB682, § 6.   Effective Date: May 26, 2021
NE Code § 77-1113 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1113 - Vested tax credit; utilization.

77-1113.  Vested tax credit; utilization.A person or entity that acquires a qualified equity investment earns a vested tax credit against the tax imposed by the Nebraska Revenue Act of 1967 or sections 44-101 to 44-165, 77-907 to 77-918, or 77-3801 to 77-3807 that may be utilized as follows:(1) On each credit allowance date of such qualified equity investment such acquirer, or subsequent holder of the qualified equity investment, shall be entitled to utilize a portion of such tax credit during the taxable year that includes such credit allowance date;(2) The tax credit amount shall be equal to the applicable percentage for such credit allowance date multiplied by the purchase price paid to the issuer of such qualified equity investment; and(3) The amount of the tax credit claimed shall not exceed the amount of the taxpayer's tax liability for the tax year for which the tax credit is claimed.Any taxpayer that claims a tax credit shall not be required to pay any additional retaliatory tax under section 44-150 as a result of claiming such tax credit. Any tax credit claimed under this section shall be considered a payment of tax for purposes of subsection (1) of section 77-2734.03.Source  Laws 2012, LB1128, § 13;  Laws 2015, LB559, § 1.  Cross References  Nebraska Revenue Act of 1967, see section 77-2701.
NE Code § 77-1114 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1114 - Tax credit; not refundable or transferable; allocation; carry forward.

77-1114.  Tax credit; not refundable or transferable; allocation; carry forward.No tax credit claimed under the New Markets Job Growth Investment Act shall be refundable or transferable. Tax credits earned by a partnership, limited liability company, subchapter S corporation, or other pass-through entity may be allocated to the partners, members, or shareholders of such entity for their direct use in accordance with any agreement among such partners, members, or shareholders. Any amount of tax credit that the taxpayer is prohibited from claiming in a taxable year may be carried forward to any of the taxpayer's five subsequent taxable years.Source Laws 2012, LB1128, § 14.
NE Code § 77-1115 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1115 - Tax Commissioner; limit tax credit utilization.

77-1115.  Tax Commissioner; limit tax credit utilization.The Tax Commissioner shall limit the monetary amount of qualified equity investments permitted under the New Markets Job Growth Investment Act to a level necessary to limit tax credit utilization in any fiscal year at no more than fifteen million dollars of new tax credits, exclusive of tax credits acquired with respect to qualified equity investments issued under the 2021 allocation. Such limitation on qualified equity investments shall be based on the anticipated utilization of credits without regard to the potential for taxpayers to carry forward tax credits to later tax years.Source  Laws 2012, LB1128, § 15;  Laws 2021, LB682, § 7.   Effective Date: May 26, 2021
NE Code § 77-1117 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1117 - Recapture of tax credit.

77-1117.  Recapture of tax credit.The Tax Commissioner shall recapture, from the taxpayer that claimed the credit on a return, the tax credit allowed under the New Markets Job Growth Investment Act if:(1) Any amount of the federal tax credit available with respect to a qualified equity investment that is eligible for a tax credit under this section is recaptured under section 45D of the Internal Revenue Code of 1986, as amended. In such case the state's recapture shall be proportionate to the federal recapture with respect to such qualified equity investment;(2) The issuer redeems or makes principal repayment with respect to a qualified equity investment prior to the seventh credit allowance date. In such case recapture shall be proportionate to the amount of the redemption or repayment with respect to such qualified equity investment; or(3) The issuer fails to invest and satisfy the requirements of subdivision (1)(b) of section 77-1110 and maintain such level of investment in qualified low-income community investments in Nebraska until the last credit allowance date for the qualified equity investment. For purposes of this section, an investment shall be considered held by an issuer even if the investment has been sold or repaid if the issuer reinvests an amount equal to the capital returned to or recovered by the issuer from the original investment, exclusive of any profits realized, in another qualified low-income community investment within twelve months of the receipt of such capital. With respect to the 2021 allocation, amounts received periodically by a qualified community development entity shall be treated as maintained in qualified low-income community investments if the amounts are reinvested in one or more qualified low-income community investments by the end of the following calendar year. An issuer shall not be required to reinvest capital returned from qualified low-income community investments after the sixth credit allowance date, the proceeds of which were used to make the qualified low-income community investment, and the qualified low-income community investment shall be considered held by the issuer through the seventh credit allowance date.Source  Laws 2012, LB1128, § 17;  Laws 2021, LB682, § 9.   Effective Date: May 26, 2021
NE Code § 77-1118 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1118 - Recapture of tax credit; notice of noncompliance; cure period.

77-1118.  Recapture of tax credit; notice of noncompliance; cure period.The enforcement of section 77-1117 shall be subject to a six-month cure period. No recapture under section 77-1117 shall occur until the qualified community development entity has been given notice of noncompliance and afforded six months from the date of such notice to cure the noncompliance.Source Laws 2012, LB1128, § 18.
NE Code § 77-1119 (2021)
2021 Nebraska Revised Statutes|Chapter 77 - Revenue and Taxation|77-1119 - Tax Commissioner; issue letter rulings; request; refusal to issue for good cause; letter ruling; effect.

77-1119.  Tax Commissioner; issue letter rulings; request; refusal to issue for good cause; letter ruling; effect.(1) The Tax Commissioner shall issue letter rulings regarding the tax credit program authorized under the New Markets Job Growth Investment Act subject to the terms and conditions set forth in rules and regulations.(2) The Tax Commissioner shall respond to a request for a letter ruling within sixty days after receipt of such request. The applicant may provide a draft letter ruling for the Tax Commissioner's consideration. The applicant may withdraw the request for a letter ruling, in writing, prior to the issuance of the letter ruling. The Tax Commissioner may refuse to issue a letter ruling for good cause, but shall list the specific reasons for refusing to issue the letter ruling. Good cause includes, but is not limited to:(a) The applicant requests the Tax Commissioner to determine whether a statute is constitutional or a rule or regulation is lawful;(b) The request involves a hypothetical situation or alternative plans;(c) The facts or issues presented in the request are unclear, overbroad, insufficient, or otherwise inappropriate as a basis upon which to issue a letter ruling; or(d) The issue is currently being considered in a rulemaking procedure, contested case, or other agency or judicial proceeding that may definitely resolve the issue.(3) A letter ruling shall bind the Tax Commissioner until such time as the taxpayer or its shareholders, members, or partners, as applicable, claim all of such tax credits on a tax return which is the topic of the letter ruling, subject to the terms and conditions set forth in rules and regulations. The letter ruling shall apply only to the applicant.(4) In rendering letter rulings and making other determinations under this section, to the extent applicable, the Tax Commissioner shall look for guidance to section 45D of the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder. The Tax Commissioner may adopt and promulgate rules and regulations to carry out this section.Source Laws 2012, LB1128, § 19.