reglab/statecodes huggingface dataset:
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6303 - Qualified small business; certification; application; form; director; duties; qualification; eligibility for tax credits.

77-6303.
Qualified small business; certification; application; form; director; duties; qualification; eligibility for tax credits.
(1) A business may apply to the director for certification as a qualified small business. The application shall be in the form and be made under the procedures specified by the director.
(2) Within thirty days after receiving an application for certification under this section, the director shall certify the business as satisfying the conditions required of a qualified small business, request additional information, or deny the application. If the director requests additional information, the director shall certify the business or deny the application within thirty days after receiving the additional information. If the director neither certifies the business nor denies the application within thirty days after receiving the original application or within thirty days after receiving the additional information requested, whichever is later, then the application is deemed approved if the business meets the qualifications in subsection (3) of this section. A business that applies for certification and is denied may reapply.
(3) To be certified, a business shall:
(a) Have its headquarters in Nebraska;
(b) Have at least fifty-one percent of its employees employed in Nebraska and have at least fifty-one percent of its total payroll paid or incurred in Nebraska;
(c) Be engaged in, or committed to engage in, innovation in Nebraska in one or more of the following activities as its primary business activity:
(i) Using proprietary technology to add value to a product, process, or service in a qualified high-technology field; or
(ii) Researching, developing, or producing a proprietary product, process, or service in a qualified high-technology field;
(d) Except for activities listed in subdivision (3)(c) of this section, not be engaged in political consulting, leisure, hospitality, or professional services provided by attorneys, accountants, physicians, or health care consultants; and
(e) Have twenty-five or fewer employees at the time the qualified investment is made.
(4) In order for a qualified investment in a qualified small business to be eligible for tax credits, the business shall have applied for and received certification for the calendar year in which the qualified investment was made prior to the date on which the qualified investment was made.
Source
Laws 2011, LB389, § 3.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6304 - Pass-through entity; certification as qualified fund; application; form; director; duties; qualification; eligibility for tax credits.

77-6304.
Pass-through entity; certification as qualified fund; application; form; director; duties; qualification; eligibility for tax credits.
(1) A pass-through entity may apply to the director for certification as a qualified fund for a calendar year. The application shall be in the form and be made under the procedures specified by the director.
(2) Within thirty days after receiving an application for certification under this section, the director shall certify the pass-through entity as satisfying the conditions required of a qualified fund, request additional information, or deny the application. If the director requests additional information, the director shall certify the pass-through entity or deny the application within thirty days after receiving the additional information. If the director neither certifies the pass-through entity nor denies the application within thirty days after receiving the original application or within thirty days after receiving the additional information requested, whichever is later, then the application is deemed approved if the pass-through entity meets the qualifications in subsection (3) of this section. A pass-through entity that applies for certification and is denied may reapply.
(3) To be certified, a pass-through entity shall:
(a) Invest or intend to invest in qualified small businesses; and
(b) Have at least three separate investors who satisfy the conditions in section 77-6305.
(4) A qualified fund may consist of equity investments or notes that pay interest or other fixed amounts, or any combination of both.
(5) In order for a qualified investment in a qualified small business to be eligible for tax credits, a qualified fund that makes the qualified investment shall have applied for and received certification for the calendar year in which the qualified investment was made prior to making the qualified investment.
Source
Laws 2011, LB389, § 4;
Laws 2014, LB1067, § 6.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6305 - Individual, trust, or pass-through entity; certification; application; form; director; duties; qualification; eligibility for tax credits.

77-6305.
Individual, trust, or pass-through entity; certification; application; form; director; duties; qualification; eligibility for tax credits.
(1) An individual, trust, or pass-through entity may apply to the director for certification as a qualified investor for a calendar year. The application shall be in the form and be made under the procedures specified by the director. The director shall not certify the following types of individuals, trusts, or pass-through entities as qualified investors:
(a) An individual who controls fifty percent or more of the qualified small business receiving the qualified investment;
(b) A venture capital company; or
(c) Any bank, savings and loan association, insurance company, or similar entity whose normal business activities include venture capital investments.
(2) Within thirty days after receiving an application for certification under this section, the director shall certify the individual, trust, or pass-through entity as satisfying the conditions required of a qualified investor, request additional information, or deny the application. If the director requests additional information, the director shall certify the individual, trust, or pass-through entity or deny the application within thirty days after receiving the additional information. If the director neither certifies the individual, trust, or pass-through entity nor denies the application within thirty days after receiving the original application or within thirty days after receiving the additional information requested, whichever is later, then the application is deemed approved if the individual, trust, or pass-through entity meets the qualifications in subsection (1) of this section. An individual, trust, or pass-through entity which applies for certification and is denied may reapply.
(3) In order for a qualified investment in a qualified small business to be eligible for tax credits, a qualified investor who makes the qualified investment shall have applied for and received certification for the calendar year in which the qualified investment was made prior to making the qualified investment.
Source
Laws 2011, LB389, § 5;
Laws 2014, LB1067, § 7.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6307 - Annual report; contents; failure to file; effect; final report; when required.

77-6307.
Annual report; contents; failure to file; effect; final report; when required.
(1) Each qualified small business, qualified investor, and qualified fund shall submit an annual report to the director by July 1 of each year. The report shall certify that the business, investor, or fund satisfies the requirements of the Angel Investment Tax Credit Act and shall include all information which will enable the Department of Economic Development to fulfill its reporting requirements under section 77-6309.
(2) A qualified small business that ceases all operations and becomes insolvent shall file a final report with the director in the form required by the director documenting its insolvency.
(3) To maintain the confidentiality of the qualified investor, the Department of Economic Development shall use a designated number to identify such persons or entities.
(4) A qualified small business, qualified investor, or qualified fund that fails to file a complete annual report by July 1 shall, at the discretion of the director, be subject to a fine of two hundred dollars, revocation of its certification, or both.
Source
Laws 2011, LB389, § 7;
Laws 2014, LB1067, § 9;
Laws 2015, LB156, § 2;
Laws 2017, LB217, § 30.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6308 - Tax credit recaptured; when; director; powers and duties.

77-6308.
Tax credit recaptured; when; director; powers and duties.
(1) If, at any time within six years after the allocation of tax credits is made, the director determines that a qualified investor or qualified fund did not meet the three-year holding period required in section 77-6306, any tax credit allocated and certified to the investor or fund shall be recaptured. The director shall notify the Tax Commissioner of such determination, and the Tax Commissioner shall recapture the tax credits.
(2) The director shall, to the extent possible, assure that the allocation of such tax credits provides equitable access to the benefits provided by the Angel Investment Tax Credit Act by all geographic areas of the state.
(3) The director may engage in contractual relationships with a statewide public or private nonprofit organization which shall serve as the agent for the Department of Economic Development in order to effect the purposes and fulfill the requirements of the act.
Source
Laws 2011, LB389, § 8.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6309 - Department of Economic Development; report; contents; confidentiality of certain information.

77-6309.
Department of Economic Development; report; contents; confidentiality of certain information.
(1) By November 15 of each odd-numbered year, the Department of Economic Development shall submit a report to the Legislature and the Governor that includes:
(a) The number and geographic location of qualified investors;
(b) The number, geographic location, and amount of qualified investment made into each qualified small business;
(c) The total amount of all grants, loans, incentives, and investments that are not qualified investments received by each qualified small business since receiving the initial qualified investment;
(d) A breakdown of the industry sectors in which qualified small businesses are involved;
(e) The number of actual tax credits issued by project under the Angel Investment Tax Credit Act on an annual basis; and
(f) The number and annual salary or wage of jobs created at each qualified small business since receiving the initial qualified investment.
The report submitted to the Legislature shall be submitted electronically.
(2) Information received, developed, created, or otherwise maintained by the Department of Economic Development and the Department of Revenue in administering and enforcing the Angel Investment Tax Credit Act, other than information required to be included in the report to be submitted by the Department of Economic Development pursuant to this section, may be deemed confidential by the respective departments and not subject to public disclosure.
Source
Laws 2011, LB389, § 9;
Laws 2012, LB782, § 147;
Laws 2014, LB1067, § 10;
Laws 2015, LB156, § 3.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6401 - Act, how cited.

77-6401.
Act, how cited.
Sections 77-6401 to 77-6406 shall be known and may be cited as the Qualified Judgment Payment Act.
Source
Laws 2019, LB472, § 1.
Termination Date: January 1, 2027
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6402 - Qualified judgment, defined.

77-6402.
Qualified judgment, defined.
For purposes of the Qualified Judgment Payment Act, qualified judgment means a judgment that is rendered against a county by a federal court for a violation of federal law.
Source
Laws 2019, LB472, § 2.
Termination Date: January 1, 2027
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6404 - Imposition of sales and use tax; limitation.

77-6404.
Imposition of sales and use tax; limitation.
A county shall not impose a sales and use tax pursuant to the Qualified Judgment Payment Act if such county is imposing a tax pursuant to section 13-319.
Source
Laws 2019, LB472, § 4.
Termination Date: January 1, 2027
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6405 - Property tax levy; required.

77-6405.
Property tax levy; required.
Any county that imposes a sales and use tax pursuant to the Qualified Judgment Payment Act shall set its property tax levy at the maximum levy authorized in section 77-3442 for each year that the county is imposing such sales and use tax. The county shall use any available revenue from the imposition of such levy to pay the qualified judgment.
Source
Laws 2019, LB472, § 5.
Termination Date: January 1, 2027
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6502 - Purpose of act.

77-6502.
Purpose of act.
The purpose of the Key Employer and Jobs Retention Act is to provide incentives to encourage key employers to remain in the state and retain well-paid employees in the state when there is a change in ownership and control of the key employer and the new owners are considering moving some or all of the key employer's jobs to other states.
Source
Laws 2020, LB1107, § 45.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6504 - Additional definitions.

77-6504.
Additional definitions.
Any term defined in the Nebraska Revenue Act of 1967 or in the ImagiNE Nebraska Act has the same meaning in the Key Employer and Jobs Retention Act unless the context or the express language of the Key Employer and Jobs Retention Act requires a different meaning.
Source
Laws 2020, LB1107, § 47.
Cross References
ImagiNE Nebraska Act, see section 77-6801.
Nebraska Revenue Act of 1967, see section 77-2701.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6506 - Base-year employees, defined.

77-6506.
Base-year employees, defined.
Base-year employees means the number of equivalent employees employed by the taxpayer during the base year in Nebraska who (1) are paid wages at a rate equal to at least one hundred percent of the Nebraska statewide average hourly wage for the year of application and (2) receive a sufficient package of benefits as specified in the ImagiNE Nebraska Act.
Source
Laws 2020, LB1107, § 49.
Cross References
ImagiNE Nebraska Act, see section 77-6801.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6507 - Change in ownership and control, defined.

77-6507.
Change in ownership and control, defined.
Change in ownership and control has the same meaning as described in 34 C.F.R. 600.31, which shall mean the regulation as amended on November 1, 2019, and which took effect on July 1, 2020.
Source
Laws 2020, LB1107, § 50.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6508 - Equivalent employees, defined.

77-6508.
Equivalent employees, defined.
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. A salaried employee who receives a predetermined amount of compensation each pay period on a weekly or less frequent basis is deemed to have been paid for forty hours per week during the pay period.
Source
Laws 2020, LB1107, § 51.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6509 - Key employer, defined.

77-6509.
Key employer, defined.
Key employer means a taxpayer that:
(1) Employs at least one thousand equivalent employees in Nebraska during the base year;
(2) Offers all full-time employees, as defined and described in section 4980H of the Internal Revenue Code of 1986, as amended, the opportunity to enroll in minimum essential coverage under an eligible employer-sponsored plan, as those terms are defined and described in section 5000A of the Internal Revenue Code of 1986, as amended;
(3) Offers all full-time employees, as defined and described in section 4980H of the Internal Revenue Code of 1986, as amended, a sufficient package of benefits as specified in the ImagiNE Nebraska Act;
(4) Enforces a company policy against any discrimination that is prohibited by federal or state law;
(5) Electronically verifies the work eligibility status of all new employees employed in Nebraska within ninety days after the date of hire during the entire performance period;
(6) Has gone through a change in ownership and control within the twenty-four months immediately prior to the application;
(7) Is at risk of moving more than one thousand existing equivalent employees from the state, as determined by the director;
(8) Retains at least ninety percent of its equivalent base-year employment; and
(9) Is a qualified business.
Source
Laws 2020, LB1107, § 52.
Cross References
ImagiNE Nebraska Act, see section 77-6801.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6510 - Nebraska statewide average hourly wage for any year, defined.

77-6510.
Nebraska statewide average hourly wage for any year, defined.
Nebraska statewide average hourly wage for any year means the most recent statewide average hourly wage paid by all employers in all counties in Nebraska as calculated by the Office of Labor Market Information of the Department of Labor using annual data from the Quarterly Census of Employment and Wages by October 1 of the year prior to application. Hourly wages shall be calculated by dividing the reported average annual weekly wage by forty.
Source
Laws 2020, LB1107, § 53.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6512 - Qualified business, defined.

77-6512.
Qualified business, defined.
Qualified business means any business if the majority of the business activities conducted throughout Nebraska by such business meet the requirements for a qualified location as defined in subsection (1) or (2) of section 77-6818. For purposes of this section, the majority of business activities conducted shall be determined based on the number of equivalent employees working in the respective business activities.
Source
Laws 2020, LB1107, § 55.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6513 - Taxpayer, defined.

77-6513.
Taxpayer, defined.
Taxpayer means any person subject to sales and use taxes under the Nebraska Revenue Act of 1967 and subject to withholding under section 77-2753 and any entity that is or would otherwise be a member of the same unitary group, if incorporated, that is subject to such sales and use taxes and such withholding. Taxpayer does not include a political subdivision or an organization that is exempt from income taxes under section 501(a) of the Internal Revenue Code of 1986, as amended. For purposes of this section, political subdivision includes any public corporation created for the benefit of a political subdivision and any group of political subdivisions forming a joint public agency, organized by interlocal agreement, or utilizing any other method of joint action.
Source
Laws 2020, LB1107, § 56.
Cross References
Nebraska Revenue Act of 1967, see section 77-2701.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6518 - Wage retention credit; recapture or disallowance; interest; penalties.

77-6518.
Wage retention credit; recapture or disallowance; interest; penalties.
(1) If the taxpayer fails to retain the required level of employment through the entire performance period, all or a portion of the wage retention credits shall be recaptured directly by the state from the taxpayer or shall be disallowed. In no event shall any wage retention credits be required to be paid back directly or indirectly by the employees. All such credits must be repaid by the taxpayer.
(2) The recapture or disallowance shall be as follows:
(a) No wage retention credits shall be allowed, and if already allowed shall be recaptured, for the actual year or years in which the required level of employment was not maintained;
(b) For wage retention credits allowed in prior years, one-tenth of the credits shall be recaptured from the taxpayer for each year the required level of employment was not maintained; and
(c) For wage retention credits for future years, one-tenth of the credits shall be disallowed for each year the required level of employment was not maintained in previous years.
(3) Any amounts required to be recaptured shall be deemed to be an underpayment of tax, immediately due and payable, and shall constitute a lien on the assets of the taxpayer. When wage retention credits were received in more than one year, the credits received in the most recent year shall be recovered first and then the credits received in earlier years shall be recovered up to the extent of the required recapture.
(4) Interest shall accrue from the due date for the return for the year in which the taxpayer failed to maintain the required level of employment.
(5) Penalties shall not accrue until ninety days after the requirement for recapture or disallowance becomes known or should have become known to the taxpayer.
(6) The recapture or disallowance required by this section may be waived by the Tax Commissioner if he or she finds the failure to maintain the required level of employment was caused by unavoidable circumstances such as an act of God or a national emergency.
Source
Laws 2020, LB1107, § 61.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6520 - Rules and regulations.

77-6520.
Rules and regulations.
The Department of Economic Development and the Department of Revenue, in consultation with the Governor, may adopt and promulgate rules and regulations necessary or appropriate to carry out the purposes of the Key Employer and Jobs Retention Act.
Source
Laws 2020, LB1107, § 63.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6521 - Reports; joint hearing.

77-6521.
Reports; joint hearing.
(1) The Department of Economic Development and the Department of Revenue shall jointly submit electronically an annual report to the Legislature no later than October 31 of each year. The report shall be on a fiscal year, accrual basis that satisfies the requirements set by the Governmental Accounting Standards Board. The Department of Economic Development and the Department of Revenue shall together, on or before December 15 of each year, appear at a joint hearing of the Appropriations Committee of the Legislature and the Revenue Committee of the Legislature and present the report. Any supplemental information requested by three or more committee members must be provided within thirty days after the request.
(2) The report shall list (a) the agreements which have been signed during the previous calendar year, (b) the agreements which are still in effect, and (c) the identity of each taxpayer that is a party to an agreement.
(3) The report shall provide information on agreement-specific total credits used every two years for each agreement. The report shall disclose the identity of the taxpayer and the total credits used during the immediately preceding two years, expressed as a single, aggregated total. The information required to be reported under this subsection shall not be reported for the first year the taxpayer maintains the required employment threshold. The information on first-year credits used shall be combined with and reported as part of the second year. Thereafter, the information on credits used for succeeding years shall be reported for each agreement every two years containing information on two years of credits used.
(4) No information shall be provided in the report that is protected by state or federal confidentiality laws.
Source
Laws 2020, LB1107, § 64.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6522 - Application; valid; when; director; Tax Commissioner; powers and duties.

77-6522.
Application; valid; when; director; Tax Commissioner; powers and duties.
(1) Any complete application shall be considered a valid application on the date submitted for the purposes of the Key Employer and Jobs Retention Act.
(2) The director shall be allowed access, by the Tax Commissioner, to information associated with the Nebraska Advantage Act, the Nebraska Advantage Rural Development Act, the ImagiNE Nebraska Act, and the Employment and Investment Growth Act to meet the director's obligations under the Key Employer and Jobs Retention Act.
(3) The director may contract with the Tax Commissioner for services that the director determines are necessary to fulfill the director's responsibilities under the Key Employer and Jobs Retention Act, other than services which constitute the actual actions and decisions required to be taken or made by the director under the Key Employer and Jobs Retention Act.
Source
Laws 2020, LB1107, § 65.
Cross References
Employment and Investment Growth Act, see section 77-4101.
ImagiNE Nebraska Act, see section 77-6801.
Nebraska Advantage Act, see section 77-5701.
Nebraska Advantage Rural Development Act, see section 77-27,187.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6523 - Applications; deadline.

77-6523.
Applications; deadline.
There shall be no new applications under the Key Employer and Jobs Retention Act filed after May 31, 2021, without further authorization of the Legislature. All applications and all agreements pending, approved, or entered into on or before May 31, 2021, shall continue in full force and effect.
Source
Laws 2020, LB1107, § 66.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6602 - Legislative findings.

77-6602.
Legislative findings.
The Legislature finds and declares that Nebraska is home to an emerging biotechnology and bioproducts sector that yields important innovations and collaborative opportunities with the existing agricultural sector. The Legislature further finds that advances in biotechnology and bioproducts will play a critical role in addressing global challenges, reducing our environmental footprint, and creating sustainable materials including renewable chemicals made from Nebraska-based agricultural products.
Source
Laws 2020, LB1107, § 68.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6603 - Terms, defined.

77-6603.
Terms, defined.
For purposes of the Renewable Chemical Production Tax Credit Act, unless the context otherwise requires:
(1) Biomass feedstock means sugar, starch, polysaccharide, glycerin, lignin, fat, grease, or oil derived from plants, animals, or algae or a protein capable of being converted to a building block chemical by means of a biological or chemical conversion process;
(2) Building block chemical means a molecule that is converted from biomass feedstock as a first product or a secondarily derived product that can be further refined into a higher-value chemical, material, or consumer product;
(3) Director means the Director of Economic Development;
(4) Eligible business means a business that has been certified by the director under section 77-6604;
(5) Food additive means a building block chemical that is not primarily consumed as food but which, when combined with other components, improves the taste, appearance, odor, texture, shelf life, or nutritional content of food. The director, in his or her discretion, shall determine whether or not a biobased chemical is primarily consumed as food;
(6) Pre-eligibility production threshold means, with respect to each eligible business, the number of pounds of renewable chemicals produced, if any, by an eligible business during the calendar year prior to the calendar year in which the business first qualified as an eligible business pursuant to section 77-6604; and
(7)(a) Renewable chemical means a building block chemical with a significant biobased content that can be used for products including polymers, plastics, food additives, solvents, intermediate chemicals, or other formulated products with a significant nonfossil carbon content.
(b) Renewable chemical includes:
(i) Biobased chemicals that can be a food, feed, or fuel additive; and
(ii) Supplements, vitamins, nutraceuticals, and pharmaceuticals.
(c) The director may include additional chemicals or materials in the definition of renewable chemical by rule and regulation after consulting with appropriate experts from the University of Nebraska, including, but not limited to, the Industrial Agricultural Products Center.
(d) Renewable chemical does not include a chemical sold or used as fuel.
Source
Laws 2020, LB1107, § 69.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6604 - Eligible business; program certification application; approval; requirements; agreement.

77-6604.
Eligible business; program certification application; approval; requirements; agreement.
(1) A business may apply to the director for certification as an eligible business. The program certification application shall be in the form and be made under the procedures specified by the director.
(2) Within thirty days after receiving a program certification application under this section, the director shall certify the business as satisfying the conditions required of an eligible business, request additional information, or deny the program certification application. If the director requests additional information, the director shall certify the business or deny the program certification application within thirty days after receiving the additional information. If the director neither certifies the business nor denies the program certification application within thirty days after receiving the original program certification application or within thirty days after receiving the additional information requested, whichever is later, then the program certification application is deemed approved if the business meets the requirements in subsection (3) of this section. A business that applies for program certification and is denied may reapply.
(3) To be certified as an eligible business under the Renewable Chemical Production Tax Credit Act, a business shall meet all of the following requirements:
(a) The business produced at least one million pounds of renewable chemicals in this state during the calendar year for which tax credits are sought;
(b) The business is physically located in this state;
(c) The business organized, expanded, or located in this state on or after January 1, 2021; and
(d) The business is in compliance with all agreements entered into under the act and pursuant to any other tax credits or programs administered by the Department of Economic Development or the Department of Revenue.
(4)(a) An eligible business shall enter into an agreement with the director for the successful completion of all requirements of the act. The agreement may certify the business to receive tax credits under the act for up to four years.
(b) As part of the agreement, the eligible business shall agree to collect and provide any information reasonably required by the director or the Department of Revenue in order to allow the director and department to fulfill their reporting obligations under section 77-6610.
Source
Laws 2020, LB1107, § 70.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6605 - Program certification application; consideration; limitation.

77-6605.
Program certification application; consideration; limitation.
The director shall consider program certification applications under section 77-6604 in the order in which they are received. The director may accept program certification applications on a continuous basis or may establish, by rule and regulation, an annual program certification application deadline. The director may approve program certification applications for eligible businesses for a total of up to three million dollars in tax credits for calendar years 2022 and 2023 and up to six million dollars per calendar year for calendar years 2024 and beyond. Program certification applications approved after such annual limit has been reached shall be placed on a wait list in the order in which they are received.
Source
Laws 2020, LB1107, § 71.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6606 - Tax credit; application; contents; requirements; approval; effect.

77-6606.
Tax credit; application; contents; requirements; approval; effect.
(1) An eligible business may apply to the Department of Revenue for tax credits under the Renewable Chemical Production Tax Credit Act.
(2) To receive tax credits, the eligible business shall submit a tax credit application to the Department of Revenue on a form prescribed by the department. The tax credit application shall be made during the calendar year following the calendar year in which the eligible business produced the renewable chemicals for which it seeks tax credits. The tax credit application shall include the following information:
(a) The number of pounds of renewable chemicals produced in the state by the eligible business during the calendar year for which tax credits are sought; and
(b) Any other information reasonably required by the department in order to establish and verify the amount of credits earned under the act.
(3) An eligible business shall fulfill all the requirements of the act and its agreement with the director under section 77-6604 before receiving tax credits under the act or entering into a subsequent agreement. If an agreement is not successfully fulfilled, the director may decline to enter into a subsequent agreement and the Department of Revenue may decline to issue a tax credit.
(4) If the department determines that a tax credit application is complete, that an eligible business qualifies for tax credits, and that the eligible business has fulfilled all requirements of its agreement with the director, the department shall approve the tax credit application within the limits set forth in sections 77-6605 and 77-6607 and shall certify the amount of tax credits approved to the eligible business.
Source
Laws 2020, LB1107, § 72.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6607 - Tax credit; amount; use; how claimed.

77-6607.
Tax credit; amount; use; how claimed.
(1) The tax credit under the Renewable Chemical Production Tax Credit Act shall be in an amount equal to the product of seven and one-half cents multiplied by the number of pounds of renewable chemicals produced in this state by the eligible business during each calendar year in excess of the eligible business's pre-eligibility production threshold. The maximum amount of tax credits that may be issued to an eligible business under a single tax credit application shall not exceed one million five hundred thousand dollars per year.
(2) The tax credit shall be a refundable credit that may be used against any income tax imposed by the Nebraska Revenue Act of 1967. Any credit in excess of the eligible business's tax liability shall be refunded to the taxpayer.
(3) An eligible business shall not receive a tax credit for renewable chemicals produced before the date the business first qualified as an eligible business.
(4) The tax credit shall not be available for any renewable chemicals produced before the 2022 calendar year.
(5) Any tax credit allowable to a partnership, a limited liability company, a subchapter S corporation, or an estate or trust may be distributed to the partners, limited liability company members, shareholders, or beneficiaries in the same manner as income is distributed.
(6) An eligible business shall claim the tax credit by attaching the tax credit certification received from the department under section 77-6606 to its tax return for the tax year in which the credit was approved.
Source
Laws 2020, LB1107, § 73.
Cross References
Nebraska Revenue Act of 1967, see section 77-2701.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6608 - Tax credit; reduction, termination, or rescission; repayment or recapture of tax credit.

77-6608.
Tax credit; reduction, termination, or rescission; repayment or recapture of tax credit.
The failure by an eligible business in fulfilling any requirement of the Renewable Chemical Production Tax Credit Act or any of the terms and obligations of an agreement entered into pursuant to section 77-6604 may result in the reduction, termination, or rescission of the tax credits under the act and may subject the eligible business to the repayment or recapture of tax credits claimed.
Source
Laws 2020, LB1107, § 74.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6609 - Trade secret; confidentiality.

77-6609.
Trade secret; confidentiality.
Except for the identity of a recipient of tax credits under the Renewable Chemical Production Tax Credit Act and the amount of such credits, any information or record in the possession of the Department of Economic Development or Department of Revenue with respect to the act shall be presumed by such departments to be a trade secret and shall be kept confidential by such departments unless otherwise ordered by a court.
Source
Laws 2020, LB1107, § 75.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6610 - Reports.

77-6610.
Reports.
(1) On or before January 31, 2024, and on or before each January 31 thereafter, the director and the Department of Revenue shall electronically submit a report on the Renewable Chemical Production Tax Credit Act to the Revenue Committee of the Legislature. At a minimum, the report shall include the following information regarding tax credits and the recipients of such credits:
(a) The aggregate number of pounds, and a list of each type, of renewable chemicals produced in Nebraska by all recipients (i) during the calendar year prior to the calendar year for which each recipient first received tax credits and (ii) for each calendar year thereafter;
(b) The aggregate sales of all renewable chemicals produced by all recipients in each calendar year for which there are at least five recipients;
(c) The aggregate number of pounds, and a list of each type, of biomass feedstock used in the production of renewable chemicals in Nebraska by all recipients (i) during the calendar year prior to the calendar year for which each recipient first received tax credits and (ii) for each calendar year thereafter;
(d) The number of employees located in Nebraska of all recipients (i) during the calendar year prior to the calendar year for which each recipient first received tax credits and (ii) for each calendar year thereafter;
(e) The number and aggregate amount of tax credits issued for each calendar year;
(f) The number of eligible businesses placed on the wait list for each calendar year and the total number of eligible businesses remaining on the wait list at the end of that calendar year;
(g) The dollar amount of tax credit claims placed on the wait list for each calendar year and the total dollar amount of tax credit claims remaining on the wait list at the end of that calendar year;
(h) For each eligible business which received tax credits during each calendar year: (i) The identity of the eligible business; (ii) the amount of the tax credits; and (iii) the manner in which the eligible business first qualified as an eligible business, whether by organizing, expanding, or locating in the state; and
(i) The total amount of all tax credits claimed during each calendar year, and the portion issued as refunds.
(2) In order to protect the presumption of confidentiality provided for in section 77-6609, the director and Department of Revenue shall report all information in an aggregate form to prevent, to the extent reasonably possible, information being attributable to any particular eligible business, except as provided in subdivision (1)(h) of this section.
Source
Laws 2020, LB1107, § 76.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6701 - Act, how cited.

77-6701.
Act, how cited.
Sections 77-6701 to 77-6706 shall be known and may be cited as the Nebraska Property Tax Incentive Act.
Source
Laws 2020, LB1107, § 111;
Laws 2022, LB873, § 4.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6702 - Terms, defined.

77-6702.
Terms, defined.
For purposes of the Nebraska Property Tax Incentive Act:
(1) Allowable growth percentage means the percentage increase, if any, in the total assessed value of all real property in the state from the prior year to the current year, as determined by the department;
(2) Community college taxes means property taxes levied on real property in this state by a community college area, excluding the following:
(a) Any property taxes levied for bonded indebtedness;
(b) Any property taxes levied as a result of an override of limits on property tax levies approved by voters pursuant to section 77-3444; and
(c) Any property taxes that, as of the time of payment, were delinquent for five years or more;
(3) Department means the Department of Revenue;
(4) Eligible taxpayer means any individual, corporation, partnership, limited liability company, trust, estate, or other entity that pays school district taxes or community college taxes during a taxable year; and
(5) School district taxes means property taxes levied on real property in this state by a school district or multiple-district school system, excluding the following:
(a) Any property taxes levied for bonded indebtedness;
(b) Any property taxes levied as a result of an override of limits on property tax levies approved by voters pursuant to section 77-3444; and
(c) Any property taxes that, as of the time of payment, were delinquent for five years or more.
Source
Laws 2020, LB1107, § 112;
Laws 2022, LB873, § 5;
Laws 2023, LB243, § 17;
Laws 2023, LB727, § 98.
Operative Date: September 2, 2023
Note:
The Revisor of Statutes has pursuant to section 49-769 correlated LB243, section 17, with LB727, section 98, to reflect all amendments.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6704 - Tax credit; refundable; procedure for certain taxpayers.

77-6704.
Tax credit; refundable; procedure for certain taxpayers.
The department shall develop a procedure which will allow eligible taxpayers who are not subject to Nebraska income tax or franchise tax to be able to claim and receive the refundable credits allowed under the Nebraska Property Tax Incentive Act.
Source
Laws 2020, LB1107, § 114.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6706 - Tax credit for community college taxes paid.

77-6706.
Tax credit for community college taxes paid.
(1) For taxable years beginning or deemed to begin on or after January 1, 2022, under the Internal Revenue Code of 1986, as amended, there shall be allowed to each eligible taxpayer a refundable credit against the income tax imposed by the Nebraska Revenue Act of 1967 or against the franchise tax imposed by sections 77-3801 to 77-3807.
(2) For taxable years beginning or deemed to begin during calendar year 2022, the credit shall be equal to the credit percentage for the taxable year, as set by the department under this subsection, multiplied by the amount of community college taxes paid by the eligible taxpayer during such taxable year. The department shall set the credit percentage so that the total amount of credits for such taxable years shall be fifty million dollars.
(3) For taxable years beginning or deemed to begin during calendar year 2023, the credit shall be equal to the credit percentage for the taxable year, as set by the department under this subsection, multiplied by the amount of community college taxes paid by the eligible taxpayer during such taxable year. The department shall set the credit percentage so that the total amount of credits for such taxable years shall be one hundred million dollars.
(4) For taxable years beginning or deemed to begin on or after January 1, 2024, the credit shall be equal to one hundred percent of the community college taxes paid by the eligible taxpayer during the taxable year.
(5) If the community college taxes are paid by a corporation having an election in effect under subchapter S of the Internal Revenue Code, a partnership, a limited liability company, a trust, or an estate, the refundable credit shall be claimed by such corporation, partnership, limited liability company, trust, or estate.
(6) For any fiscal year or short year taxpayer, the credit allowed under subsection (2) or (3) of this section may be claimed in the first taxable year that begins following the calendar year for which the credit percentage was determined. The credit shall be taken for the community college taxes paid by the taxpayer during the immediately preceding calendar year.
Source
Laws 2022, LB873, § 7;
Laws 2023, LB243, § 19.
Operative Date: September 2, 2023
Cross References
Nebraska Revenue Act of 1967, see section 77-2701.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6801 - Act, how cited.

77-6801.
Act, how cited.
Sections 77-6801 to 77-6846 shall be known and may be cited as the ImagiNE Nebraska Act.
Source
Laws 2020, LB1107, § 1;
Laws 2023, LB92, § 81.
Operative Date: June 7, 2023
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6802 - Policy.

77-6802.
Policy.
The Legislature hereby finds and declares that it is the policy of this state to modernize its economic development platform in order to (1) encourage new businesses to relocate to Nebraska, (2) encourage existing businesses to remain and grow in Nebraska, (3) encourage the creation and retention of new, high-paying jobs in Nebraska, (4) attract and retain investment capital in Nebraska, (5) develop the Nebraska workforce, (6) simplify the administration of the tax incentive program created in the ImagiNE Nebraska Act for both businesses and the state, and (7) improve the transparency and accountability of such program.
Source
Laws 2020, LB1107, § 2.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6805 - Base year, defined.

77-6805.
Base year, defined.
Base year means the year immediately preceding the year of application, subject to the following exceptions:
(1) Except as otherwise provided in subdivision (2) of this section, if the year of application is 2021, the base year is either 2019 or 2020, whichever year the applicant had the larger number of equivalent employees at the qualified location or locations; and
(2) If the year of application is 2021 or 2022 and the applicant increased the number of equivalent employees at the qualified location or locations in either 2020 or 2021 in response to the COVID-19 pandemic, the base year is 2019.
Source
Laws 2020, LB1107, § 5;
Laws 2022, LB1150, § 16.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6806 - Base-year employee, defined.

77-6806.
Base-year employee, defined.
Base-year employee means any individual who was employed in Nebraska and subject to the Nebraska income tax on compensation received from the taxpayer or its predecessors during the base year and who is employed at the qualified location or locations.
Source
Laws 2020, LB1107, § 6.
2023 Nebraska Revised Statutes › Chapter 77 - Revenue and Taxation › 77-6810 - Equivalent employees, defined.

77-6810.
Equivalent employees, defined.
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. Only the hours paid to employees who were employed in Nebraska and subject to the Nebraska income tax on compensation received from the taxpayer shall be included in such computation. A salaried employee who receives a predetermined amount of compensation each pay period on a weekly or less frequent basis is deemed to have been paid for forty hours per week during the pay period.
Source
Laws 2020, LB1107, § 10;
Laws 2021, LB18, § 1.