Nebraska Revised Statutes — Chapter 77 (Revenue and Taxation)
Neb. Rev. Stat. § 77-6925
Incentives; transfer; when
The incentives allowed under the Urban Redevelopment Act shall not be transferable except in the following situations:
# (1)
Any credit allowable to a partnership, a limited liability company, a subchapter S corporation, a cooperative, including a cooperative exempt under section 521 of the Internal Revenue Code of 1986, as amended, a limited cooperative association, or an estate or trust may be distributed to the partners, limited liability company members, shareholders, patrons, limited cooperative association members, or beneficiaries. Any credit distributed shall be distributed in the same manner as income is distributed. A credit distributed shall be considered a credit used and the partnership, limited liability company, subchapter S corporation, cooperative, limited cooperative association, estate, or trust shall be liable for any repayment under section 77-6923 ;
# (2)
The incentives previously allowed and the future allowance of incentives may be transferred when a project covered by an agreement is transferred by sale or lease to another taxpayer or in an acquisition of assets qualifying under section 381 of the Internal Revenue Code of 1986, as amended. The acquiring taxpayer, as of the date of notification of the Director of Economic Development of the completed transfer, shall be entitled to any unused credits and to any future incentives allowable under the act. The acquiring taxpayer shall be liable for any repayment that becomes due after the date of the transfer with respect to any benefits received either before or after the transfer; and (3) If a taxpayer allowed a credit under section 77-6920 dies and there is credit remaining after the filing of the final return for the taxpayer, the personal representative shall determine the distribution of the credit with the initial fiduciary return filed for the estate. The determination of the distribution of the credit may be changed only after obtaining the permission of the director
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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