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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 In2021
Program nameNebraska Job Creation and Mainstreet Revitalization Act
Program purpose: Historic Preservation
Statutory authority: Nebraska Revised Statutes s. 77-2901 through 77-2912
Abating jurisdiction(s): State of Nebraska
Applicable taxesIncome Tax; Insurance Premium Tax
Method of abatement: Tax Credit
Provisions for recapture: If at any time during the five years after the improvement to the property is placed in service, the State Historical Preservation Officer determines that the property is the subject of work not in substantial conformance with the approved application or the documents from which the Tax Credit was calculated, Tax Credits may be recaptured from the property owner.
Gross revenue loss: $2,940,000
Reimbursement / offset: $0
Net revenue loss: $2,940,000
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://das.nebraska.gov/accounting/fin-report.html