Terms Used In Nebraska Statutes > Urban Redevelopment Act

• Action: shall include any proceeding in any court of this state. See Nebraska Statutes 49-801
• Amortization: Paying off a loan by regular installments.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attorney: shall mean attorney at law. See Nebraska Statutes 49-801
• Base year: means the year immediately preceding the year of application, except that if the year of application is 2021, the base year is either 2019 or 2020, whichever year the applicant had the larger number of equivalent employees at the qualified location. See Nebraska Statutes 77-6904
• Base-year employee: means any individual who was employed in Nebraska and subject to the Nebraska income tax on compensation received from the taxpayer or its predecessors during the base year and who is employed at the qualified location. See Nebraska Statutes 77-6905
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Economic redevelopment area: means an area in the State of Nebraska in which:

  (1) The average rate of unemployment in the area during the period covered by the most recent federal decennial census or American Community Survey 5-Year Estimate by the United States Bureau of the Census is at least one hundred fifty percent of the average rate of unemployment in the state during the same period. See Nebraska Statutes 77-6906

• Equivalent employees: means the number of employees computed by dividing the total hours paid in a year to employees by the product of forty times the number of weeks in a year. See Nebraska Statutes 77-6907
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Investment: means the value of qualified property incorporated into or used at the qualified location. See Nebraska Statutes 77-6908
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Nebraska statewide average hourly wage for any year: means the most recent statewide average hourly wage paid by all employers in all counties in Nebraska as calculated by the Office of Labor Market Information of the Department of Labor using annual data from the Quarterly Census of Employment and Wages by October 1 of the year prior to application. See Nebraska Statutes 77-6909
• Number of new employees: means the number of equivalent employees that are employed at the qualified location during a year that are in excess of the number of base-year employees. See Nebraska Statutes 77-6910
• Oversight: Committee review of the activities of a Federal agency or program.
• 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.
• 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 third year after the year the required increases were met or exceeded. See Nebraska Statutes 77-6911
• 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
• 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
• Purchase: shall include taking by sale, discount, negotiation, or any other transaction for value creating an interest in property except liens. See Nebraska Statutes 77-122
• Qualified location: means any location in a city of the metropolitan class or a city of the primary class that is used or will be used by the taxpayer to conduct business activities and that is located within an economic redevelopment area. See Nebraska Statutes 77-6912
• 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 qualified location. See Nebraska Statutes 77-6913
• Ramp-up period: means two years from the date the complete application was filed with the Director of Economic Development. See Nebraska Statutes 77-6914
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Related taxpayers: shall include any corporations that are part of a unitary business under the Nebraska Revenue Act of 1967 but are not part of the same corporate taxpayer, any business entities that are not corporations but which would be a part of the unitary business if they were corporations, and any business entities if at least fifty percent of such entities are owned by the same persons or related taxpayers and family members as defined in the ownership attribution rules of the Internal Revenue Code of 1986, as amended. See Nebraska Statutes 77-6915
• Related taxpayers shall: include any corporations that are part of a unitary business under the Nebraska Revenue Act of 1967 but are not part of the same corporate taxpayer, any business entities that are not corporations but which would be a part of the unitary business if they were corporations, and any business entities if at least fifty percent of such entities are owned by the same persons or related taxpayers and family members as defined in the ownership attribution rules of the Internal Revenue Code of 1986, as amended. See Nebraska Statutes 77-6915
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
• 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 77-6916
• Testify: Answer questions in court.
• United States: shall include territories, outlying possessions, and the District of Columbia. See Nebraska Statutes 49-801
• Violate: shall include failure to comply with. See Nebraska Statutes 49-801
• Wages: means the wages and other payments subject to the federal medicare tax. See Nebraska Statutes 77-6917
• Year: shall mean calendar year. See Nebraska Statutes 49-801
• Year: means the taxable year of the taxpayer. See Nebraska Statutes 77-6918