Urban Redevelopment Act
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.