All or a portion of the credits received under the Nebraska Job Creation and Mainstreet Revitalization Act shall be subject to recapture by the department from the foreclosure of a lien which shall, as a condition of the department issuing credits under the act, be imposed on the historically significant real property as a lien having the priority of a tax lien pursuant to the filing of a notice of lien. Credits shall be subject to recapture from the person owning the historically significant real property on the date the officer determines the recapture event occurred if at any time during the five years after the historically significant real property is placed into service the officer determines the historically significant real property has been the subject of work not in substantial conformance with the approved application or the documents from which the credit was calculated. If the person owning the historically significant real property on the date the officer determines the recapture event occurred is a corporation having an election in effect under subchapter S of the Internal Revenue Code of 1986, as amended, a partnership, or a limited liability company, the liability of the shareholders, partners, or members for recapture shall be proportionate to their ownership in the applicable corporation, partnership, or limited liability company. Any action to recapture credits under this section may proceed only after a written notice is given to the person owning the historically significant real property on the date the officer determines the recapture event occurred and that person is allowed a six-month cure period. Thereafter, the credit shall be subject to recapture as follows:

Terms Used In Nebraska Statutes 77-2908

  • Action: shall include any proceeding in any court of this state. See Nebraska Statutes 49-801
  • Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Year: shall mean calendar year. See Nebraska Statutes 49-801

(1) If the event causing recapture occurs during the first year after the historically significant real property is placed into service, one hundred percent of the credit may be recaptured;

(2) If the event causing recapture occurs during the second year after the historically significant real property is placed into service, eighty percent of the credit may be recaptured;

(3) If the event causing recapture occurs during the third year after the historically significant real property is placed into service, sixty percent of the credit may be recaptured;

(4) If the event causing recapture occurs during the fourth year after the historically significant real property is placed into service, forty percent of the credit may be recaptured; and

(5) If the event causing recapture occurs during the fifth year after the historically significant real property is placed into service, twenty percent of the credit may be recaptured.