Nebraska offers several economic development incentive programs
which may be applicable to your company. A brief synopsis of each program
is provided below. Applications with the Department of Revenue are required
for the Invest Nebraska Act, and Employment
Expansion & Investment Incentive Act.
Nebraska Customized Job Training Advantage provides
a flexible and discretionary job training program that will provide $15
million in customized job training assistance designated for 2006 and
2007. You can design your own training, or a statewide training team can
assist with training needs assessments, training plans, curriculum development,
and training instruction. For even more information, check out the Nebraska
Advantage Brochure [PDF - 665 KB]
Nebraska Research and Development Advantage offers a tax
credit for research and development activities undertaken by any business
entity. The credit is equal to 3 percent of research and development expenditures
that are greater than the average of the previous two years research and
development spending. An important feature -- businesses with little or
now income may take advantage of the tax credit by receiving a sales tax
refund or a refundable income tax credit. For even more
information, check out the Nebraska
Advantage Brochure [PDF - 665 KB]
Nebraska Microenterprise Tax Credit Advantage provides
a 20 percent refundable investment tax credit to micro businesses on new
investment in targeted communities. Applicants may qualify for a maximum
$10,000 throughout the life of the program. The credit is geared to companies
with five or fewer employees, including start-ups. Credits are approved
through an application process with the Nebraska Department of Revenue and
evaluated on expected local economic impact. The credits would apply to
new expenditures for wages, buildings, and non-vehicle depreciable personal
property. For even more information, check out the Nebraska
Advantage Brochure [PDF - 665 KB]
Invest Nebraska Act (LB620) - Qualified projects meeting the required investment, employment, and wage levels are eligible for a wage benefit credit of between 3 to 5 percent based upon the average wages paid at the project. This credit can be used to reduce the amount of withholding required to be remitted to the state from the wages paid to other than base-year employees or to reduce or eliminate Nebraska income tax liability. The requirements for projects located in counties with a population of 100,000 or less are $10 million investment in qualified property, 25 new employees, and wages of at least 100 percent of the Nebraska annual average.
The State of Nebraska Department of Economic
Development administers the Community Development Block Grant
(CDBG) Program. The purpose of the grant is to create jobs and promote
new investment. The loan program is currently at zero percent. The maximum
CDBG loan is 50 percent of the total project cost or up to $500,000 maximum
($250,000 for job training grants). CDBG funds are used to benefit low
to moderate income persons, aid in the prevention or elimination of slums
or blighted areas, or meet other community development emergency needs.
CDBG funds can be used for purchasing machinery and equipment, purchasing
inventory, meeting working capital needs, and construction or renovation
of an existing building and real estate.
The staff at the Elkhorn Valley Economic Development Council can assist you in understanding the benefits of these programs and guide you through the application process.
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