Nebraska extends sunset dates for credits and incentives
TAX BLOG |
On April 19, 2016, Nebraska Gov. Pete Ricketts signed a law extending the sunset date for a number of Nebraska tax credit and incentive programs.
Per the bill, tax credits and incentives under the following acts will now sunset on Dec. 31, 2022:
- New Markets Job Growth Investment Act
- Nebraska Advantage Rural Development Act
- Nebraska Job Creation and Mainstreet Revitalization Act
- Nebraska Advantage Research and Development Act
These had previously been scheduled to sunset on Dec. 31, 2019.
Further, the highly popular, most-often utilized incentive program, the Nebraska Advantage Act, is extended from Dec. 31, 2017, to Dec. 31, 2020.
If your business is considering any type of expansion in either urban or rural areas of the state, it is important to pursue application of incentives under these programs prior to commencing with the projects. These extended sunset dates are a great opportunity for expansion in Nebraska.