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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

Effected JurisdictionNebraska
Jurisdiction type: State
Fiscal year ending In2020
Program nameNew Market Job Growth Investment Tax Credit
Program purpose: Community development
Statutory authority: Nebraska Revised Statutes s. 77-1101 through 77-1119
Abating jurisdiction(s): State of Nebraska
Applicable taxesIncome Tax; Insurance Premium Tax; Franchise Tax
Method of abatement: Tax Credit
Provisions for recapture: The Act provides that credits may be recaptured in several situations. First, credits may be recaptured if any amount of the federal qualified equity investment credit is recaptured. Second, credits may be recaptured if the CDE redeems or repays some or all of the principle of the investment prior to the last credit allowance date. Finally, credits may be recaptured if the CDE fails to invest pursuant to, and satisfy the requirements of, the program and maintain its investment in a qualified lowincome community investment in Nebraska until the last credit allowance date.
Gross revenue loss: $12,082,000
Reimbursement / offset: $0
Net revenue loss: $12,082,000
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://das.nebraska.gov/accounting/fin-report.html