(1) An agreement issued pursuant to section 77-6844 shall contain total incentives, refunds, and credits earned through the ImagiNE Nebraska Act sufficient to equal twenty-five percent of the taxpayer‘s investment in qualified property for the fabrication, assembly, testing, advanced packaging, or production of semiconductors or technologies with extensive microelectronic content. The director shall ensure that such agreement creates no additional obligation upon the General Fund.

Terms Used In Nebraska Statutes 77-6845

  • Director: means the Director of Economic Development. See Nebraska Statutes 77-6809
  • Investment: means the value of qualified property incorporated into or used at the qualified location or locations. See Nebraska Statutes 77-6811
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Performance period: means the year during which the required increases in employment and investment were met or exceeded and each year thereafter until the end of the sixth year after the year the required increases were met or exceeded. See Nebraska Statutes 77-6816
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Qualified property: means any tangible property of a type subject to depreciation, amortization, or other recovery under the Internal Revenue Code of 1986, as amended, or the components of such property, that will be located and used at the project. See Nebraska Statutes 77-6819
  • Taxpayer: means any person subject to sales and use taxes under the Nebraska Revenue Act of 1967 and subject to withholding under section 77-2753 and any entity that is or would otherwise be a member of the same unitary group, if incorporated, that is subject to such sales and use taxes and such withholding. See Nebraska Statutes 77-6822

(2) With respect to an application or agreement with a taxpayer that is a Nebraska-based covered entity as defined in 15 U.S.C. § 4651 under the Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act, Public Law 116-283:

(a) The provisions of section 77-6839 shall not apply, except that the annual credits and incentives redeemed by the taxpayer may be limited to one-fifteenth of the total credits and incentives eligible to be earned during a fifteen-year performance period, as defined by section 77-6816 ; and

(b) The taxpayer may not carryover earned but unused incentives past the performance period.

Source

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