This bill amends the Nebraska Advantage Act by introducing new provisions regarding the recalculation of base-year employees for taxpayers involved in tier 6 projects. Specifically, if a taxpayer who has met the required employment and investment levels sells or transfers part of their business operations, the Department of Revenue is mandated to recalculate the taxpayer's base-year employees. This recalculation will involve subtracting the number of equivalent employees from the sold or transferred operations from the total base-year employees reported on the last Form 312N filed before the transaction.

Additionally, the bill outlines exceptions to this recalculation process, stating that it will not apply if the sold or transferred operations cease within 24 months or if the primary purpose of the sale was to close a location. It also clarifies that any credits or incentives generated prior to the sale or transfer will remain unchanged. The new provisions will apply to agreements made after December 31, 2016, and the original section of the law being amended will be repealed.

Statutes affected:
Introduced: 77-5701
Final Reading: 77-5701