Starting August 1, 2022, the Nebraska Department of Economic Development (DED) will begin accepting applications from businesses in Nebraska to earn performance based tax credits under the Urban Redevelopment Act (URA).
Signed into law as LB 544 in 2021, the URA is intended to grow small businesses and generate investment in Nebraska’s urban cores.
Under the URA, a business may qualify for up to $50,000 in tax credits. To qualify, the business must: (1) file a complete application, including a $500 application fee, with DED, (2) have a qualified location in an Economic Redevelopment Area (see map) within Lincoln or Omaha, and (3) either hire at least five new full-time equivalent employees and invest at least $150,000 in qualified property, or invest at least $50,000 in qualified property.
DED may authorize up to $8 million in tax credits under the URA. No new applications will be accepted once that limit is reached or after December 31, 2031, whichever comes first.
To access guidelines and other pertinent materials, or to sign up for the URA email list, visit the DED URA webpage.