This bill amends the Nebraska Advantage Act by modifying the timeframes in which required levels of employment and investment must be achieved for various project tiers. Specifically, for tier 6 projects approved after December 1, 2020, the required levels must now be met by the end of the ninth year following the application submission, while for tier 2, tier 4, and tier 5 projects, this deadline is set to the end of the sixth year. Additionally, a nonrefundable application fee is established, varying by project tier, and the bill clarifies that the application process and supporting documentation will remain confidential, with certain exceptions.

Furthermore, the bill introduces a provision allowing taxpayers with active tier 6 project agreements to elect to apply the new changes by paying a fee of ninety thousand dollars. This election must be made within a specified timeframe set by the Tax Commissioner. The bill also harmonizes existing provisions and repeals the original sections of the law that are being amended. Overall, these changes aim to streamline the application process and provide clearer guidelines for compliance with the Nebraska Advantage Act.

Statutes affected:
Introduced: 77-5723, 77-5735