The Urban Redevelopment Act will allow businesses looking to expand in or relocate to an Economic Redevelopment Area in Nebraska to earn tax credits for qualified investments and new full-time equivalent employees (FTEs).
- Businesses that qualify by investing at least $150,000 and hiring at least 5 new FTEs may earn
- A tax credit of $3,000 for each new FTE, with an additional $1,000 credit for each new employee that lives in an economic redevelopment area
- A tax credit of $2,750 for each $50,000 of investment
- Businesses that qualify by investing at least $50,000 may earn
- A tax credit in the amount of 5% of the investment
Up to $50,000 in credits may be earned.
A business cannot qualify for credits under the Urban Redevelopment Act if the business is receiving benefits under any other tax incentive program offered by the state of Nebraska.