The bill amends section 77-5701 of the Reissue Revised Statutes of Nebraska, which pertains to the Nebraska Advantage Act. It introduces new provisions that allow for the recalculation of base-year employees for taxpayers involved in tier 6 projects when they sell a portion of their business operations. Specifically, if the sold operations continue under a different entity not part of the same unitary group, the Department of Revenue will subtract the number of equivalent employees from the taxpayer's base-year employee count based on their last filed Form 312N prior to the sale.

Additionally, the bill outlines exceptions to this recalculation: it will not apply if the sold operations cease within 24 months or if the sale's primary purpose was to close a location. It also clarifies that any credits or incentives generated before the sale will remain unchanged and specifies that these provisions apply only to agreements made after December 31, 2016. The original section 77-5701 is repealed as part of this legislative update.

Statutes affected:
Introduced: 77-5701