The Nebraska Department of Revenue began accepting applications under the New Markets Job Growth Investment Act on October 1, 2014, from applicants seeking to receive cash investments that qualify for the New Markets Job Growth Investment Tax Credit. The total amount of qualified equity investments available for this round of […]
Dirt Alert
Public Power District Was Not Liable for Property Taxes on Land It Leased for Commercial and Residential Uses Because It Paid in Lieu of Taxes
on Tuesday, 26 August 2014 in
Dirt Alert: David C. Levy, Editor
Central Nebraska Public Power and Irrigation District (“Central”) is a political subdivision of the State of Nebraska that generates electricity by hydroplants and delivers irrigation water to its customers. Central owns and manages Lake McConaughy and more than 38,000 acres of land surrounding it. Rather than paying real property taxes […]
Property Owner Forfeited a Legal Nonconforming Use By Discontinuing It for One Year
on Friday, 22 August 2014 in
Dirt Alert: David C. Levy, Editor
On March 28, 2014, in Rodehorst Brothers v. City of Norfolk Board of Adjustment, the Nebraska Supreme Court held that discontinuing a nonconforming use for twelve months may forfeit the right to continue that use. The opinion provides valuable guidance for owners of property with a lawful nonconforming use. Rodehorst […]
IRS Provides Additional Guidance for Renewable Energy Credits
on Tuesday, 19 August 2014 in
Dirt Alert: David C. Levy, Editor
Issuance of Notice 2014-46 The IRS has clarified the rules for tax credits relating to renewable energy projects by issuing new guidance regarding pre-2014 qualification requirements for production tax credits (“PTC”) and investment tax credits (“ITC”). On August 8, 2014, the IRS issued Notice 2014-46 (the “Notice”), which addressed requirements […]
Tax Deeds Foreclosed a Sanitary and Improvement District’s Special Assessment Liens
on Tuesday, 19 August 2014 in
Dirt Alert: David C. Levy, Editor
The Nebraska Supreme Court, in Sanitary and Improvement District No. 24 v. Tristar Management, LLC, held that Tristar’s tax deeds foreclosed the SID’s special assessment liens. The issue was whether the SID’s special assessment liens against real estate located within the SID survived Tristar’s acquisition of the property by tax […]
