The Grow the Good Life Act aims to incentivize large in-state employers in Nebraska to retain their workforce and headquarters, particularly during ownership changes due to mergers with out-of-state companies. The bill introduces a wage retention credit, allowing eligible employers to receive a credit equal to five percent of total compensation paid to retained employees, contingent upon meeting specific criteria such as maintaining a minimum employee count and offering competitive wages. It also establishes definitions for key terms, outlines the application process, and includes provisions for recapturing credits if employers fail to meet employment or headquarters requirements. The total credits available under the act are capped at fifty million dollars, with a maximum of five million dollars available to any single employer annually.

Additionally, the bill amends the Nebraska Advantage Act by adjusting timelines for meeting employment and investment requirements for various project tiers and clarifying the Tax Commissioner's role in approving applications. It introduces new provisions for agreements between taxpayers and the Tax Commissioner, allowing for annual updates and modifications. The bill also enhances tax credits for businesses hiring in economically challenged areas and outlines eligibility for property tax exemptions based on investments and hiring. Furthermore, it establishes a process for grants to economic development organizations supporting employers undergoing ownership changes, ensuring that funds are prioritized for projects that create jobs and stimulate local economies. Overall, the bill aims to enhance economic development efforts while providing clearer guidelines for tax incentives and refund processes.

Statutes affected:
Introduced: 49-801.01, 77-6502, 77-6507, 77-6509, 77-6516, 77-6831
Final Reading: 13-2603, 49-801.01, 77-5723, 77-5735, 77-6538, 77-6801, 77-6815, 77-6831, 77-6832
Slip Law: 13-2603, 49-801.01, 77-5723, 77-5735, 77-6538, 77-6801, 77-6815, 77-6831, 77-6832