(1) Entitlement period is ten years, meaning the year during which the required increases in employment and investment were met or exceeded or that meets the conditions in subsection (2) of this section and the next one hundred eight months.

Terms Used In Nebraska Statutes 77-5516

  • Company: means (1) any person subject to sales and use taxes and either the income tax imposed by the Nebraska Revenue Act of 1967 or the franchise tax under sections 77-3801 to 77-3807, (2) any corporation, partnership, limited liability company, or joint venture that is or would otherwise be a member of the same unitary group, if incorporated, which is, or whose partners, members, or owners are, subject to such taxes, and any other partnership, limited liability company, subchapter S corporation, or joint venture when the partners, owners, shareholders, or members are subject to such taxes, (3) any cooperative exempt from such taxes under section 521 of the Internal Revenue Code of 1986, as amended, and (4) any limited cooperative association. See Nebraska Statutes 77-5509
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Investment: means the value of qualified property incorporated into or used at the project after the date of the application. See Nebraska Statutes 77-5520
  • Number of new employees: means the excess of the number of equivalent employees employed at the project during a year over the number of equivalent employees during the base year. See Nebraska Statutes 77-5522
  • Project: means a project described in the Invest Nebraska Act and approved by the board. See Nebraska Statutes 77-5523
  • Year: means the taxable year of the company. See Nebraska Statutes 77-5530

(2) Solely for the purpose of determining the first year of the entitlement period, if before the end of a year a company has reached the required level of new investment and has created the number of new jobs at the project equal to at least the applicable required level of new employment, but has not yet reached the required number of new employees because such employees have not been employed at the project yet for a full year, then the company may elect on its tax return for such year to be considered to have met the required levels of employment and investment during such year.

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