The proposed bill amends section 77-6831 of the Revised Statutes Cumulative Supplement, 2024, to enhance the sales and use tax incentives under the ImagiNE Nebraska Act. It establishes specific criteria for taxpayers to qualify for these incentives, focusing on cumulative investments in qualified property and the hiring of new employees. The bill details various thresholds for investment and employment, outlining the conditions under which taxpayers can receive refunds and exemptions from sales and use taxes on certain purchases. Additionally, it introduces provisions for contractors purchasing materials, allowing for tax refunds or exemptions based on their tax status.

Furthermore, the bill revises existing tax credit provisions, enabling qualified taxpayers to receive credits for wages paid and investments made during the performance period, contingent upon meeting specified employment and investment levels. It also introduces new criteria for property tax exemptions, requiring taxpayers to achieve certain cumulative investment thresholds and employment levels to qualify. A fee structure is established, mandating a payment of one-half percent of the incentives, which will support the newly created ImagiNE Nebraska Cash Fund for the act's administration. The bill ultimately repeals the original section 77-6831, signifying a comprehensive update to the legal framework governing these tax incentives.

Statutes affected:
Introduced: 77-6831