Nebraska Revised Statutes — Chapter 77 (Revenue and Taxation)
Neb. Rev. Stat. § 77-6923
Tax credits; recapture; amount; deadline
# (1)
If the taxpayer fails to maintain employment and investment levels at or above the levels required in the agreement for the entire performance period, any refunds or reduction in tax allowed under the Urban Redevelopment Act shall be partially recaptured from the taxpayer. The amount of the recapture for each incentive shall be a percentage equal to the number of years the taxpayer did not maintain the required levels of investment or employment divided by the number of years of the performance period, with such percentage then multiplied by the refunds or reductions in tax allowed.
# (2)
Any refund or reduction in tax due, to the extent required to be recaptured, shall be deemed to be an underpayment of the tax and shall be immediately due and payable. When tax incentives were received in more than one year, the incentives received in the most recent year shall be recovered first and then the incentives received in earlier years up to the extent of the required recapture.
# (3)
Notwithstanding any other limitations contained in the laws of this state, collection of any taxes deemed to be underpayments by this section shall be allowed for a period of three years after the end of the performance period or three calendar years after the incentive was allowed, whichever is later.
# (4)
The recapture required by this section shall not occur if the failure to maintain the required levels of employment or investment was caused by an act of God or a national emergency
Source: view the official text
In this chapter (40 sections)
- 77-6606 · Tax credit; application; contents; requirements; approval;…
- 77-6607 · Tax credit; amount; use; how claimed
- 77-6608 · Tax credit; reduction, termination, or rescission; repayment…
- 77-6609 · Trade secret; confidentiality
- 77-6610 · Reports
- 77-6611 · Rules and regulations
- 77-6701 · Act, how cited
- 77-6702 · Terms, defined
- 77-6703 · Tax credit for school district taxes paid
- 77-6704 · Tax credit; refundable; procedure for certain taxpayers
- 77-6705 · Rules and regulations
- 77-6706 · Tax credit for community college taxes paid
- 77-6911 · Performance period, defined
- 77-6912 · Qualified location, defined
- 77-6913 · Qualified property, defined
- 77-6914 · Ramp-up period, defined
- 77-6915 · Related taxpayers, defined
- 77-6916 · Taxpayer, defined
- 77-6917 · Wages, defined
- 77-6918 · Year, defined
- 77-6919 · Incentives; application; contents; fee; approval; conditions;…
- 77-6920 · Tax credits; conditions; amounts; teleworker; treatment
- 77-6921 · Existing business acquisition, disposal, reorganization, or…
- 77-6922 · Tax credits; use
- 77-6923 · Tax credits; recapture; amount; deadline
- 77-6924 · Employees; verification of status required; exclusions
- 77-6925 · Incentives; transfer; when
- 77-6926 · Refunds; interest not allowable
- 77-6927 · Base-year employment levels; review and certification; effect
- 77-6928 · Reports
- 77-7001 · Act, how cited
- 77-7002 · Terms, defined
- 77-7003 · Tax credit; eligibility; amount; use; application
- 77-7004 · Tax credit; application; approval; limitation; department;…
- 77-7005 · Tax credit; how claimed; excess; how treated
- 77-7006 · Tax credit; distribution
- 77-7007 · Limitation on new applications
- 77-7008 · Rules and regulations
- 77-7009 · Nebraska Biodiesel Tax Credit Act, how cited
- 77-7010 · Terms, defined