Provision |
LB 775
Employment & Investment Growth Act |
Option 1 |
Option 2 |
Option 3 |
Begins |
|
Ends |
12-31-2005 |
Application |
Required |
Application Fee |
$500 |
Nebraska Location |
Anywhere |
|
Provision |
LB775
Employment & Investment Growth Act |
Option 1 |
Option 2 |
Option 3 |
Investment |
net gain of $20,000,000 |
$3,000,000 |
$10,000,000 |
Employment |
N/A |
30 |
100 |
Wage Level |
N/A
|
Indexing |
N/A
|
Attainment Period |
Up to 7 tax years
|
Entitlement Period |
7 tax years |
Carryover Period |
N/A |
8 tax years |
Maintenance Period |
Entitlement period |
Eligible Participant |
Person who is or whose owners mostly are subject to sales and use taxes and either an income tax or financial institutions tax. |
|
Provision |
LB775
Employment & Investment Growth Act |
Option 1 |
Option 2 |
Option 3 |
Research & Development |
Qualified
|
Manufacturing of Tangible Personal Property (TPP) |
Qualified
|
Data Processing |
Qualified
|
Telecommunications |
Qualified
|
Insurance Services |
Qualified
|
Financial Services |
Qualified
|
Warehousing, Distribution of TPP |
Qualified
|
Transportation of TPP |
Qualified
|
|
Qualified |
Administrative Management |
Of any taxpayer activity |
Restaurants |
Non-qualified
|
Contractor & Repair Person |
Non-qualified |
Most Retailers Except those Stated Above |
Non-qualified |
Farming, Ranching & Livestock Operation |
Non-qualified |
|
Provision |
LB775
Employment & Investment Growth Act |
Option 1 |
Option 2 |
Option 3 |
Direct Refund of Sales Tax on Qualified Property or an Aircraft |
Property placed in service in attainment and entitlement periods. |
Investment Credit on Qualified Property |
N/A |
10% investment credit earned from date of application through end of the entitlement period. |
Credit on Employment Growth |
N/A |
5% compensation credit earned in the entitlement period on taxable wages of new, resident employees. |
|
N/A |
Aircraft from year after application.
Other after reaching the required levels.
Through sixteenth December 31 after application.
|
|
Provision |
LB775
Employment & Investment Growth Act |
Option 1 |
Option 2 |
Option 3 |
Retain Withholding |
N/A |
Credit Refund of Sales and Use Taxes Paid on Purchases at the Project |
N/A |
During the entitlement and carryover period and to the extent of credits earned in a prior year. |
Credit to Reduce Income Tax Liability |
N/A |
Credits may be used after other non-refundable credits to pay up to 100% of NE unitary tax liability. |
Distribution of Credits to Owner of Flow-through Entity |
N/A |
Credits may be distributed in the same manner as income and used to pay up to 100% of NE income tax liability. |
Qualified Property is Tangible, Depreciable Property |
Except for aircraft, barges, motor vehicles, railroad rolling stock, watercraft, and property rented to another party.
|
Owned Property |
Valued at original cost.
|
Rented, Qualified Property |
Average net annual rent multiplied by a number of years, not to exceed 10 years, or 3 years after the end of the entitlement period, whichever is earlier.
|
Report by Project |
N/A |