Enterprise Zone Act Reactivated and Modernized (LB 800)
On April 9, 2014, Governor Heineman approved Legislative Bill 800. LB 800 updates the Enterprise Zone Act and allows the Department of Economic Development (“DED”) to designate new areas as enterprise zones. The purpose of LB 800 is to encourage investment and economic growth while giving preference to projects located in certain areas.
LB 800 allows the DED to designate five areas as enterprise zones and provides for a 180-day application period and designations within 60 days following the application period. Of the five areas, the DED may only designate one area inside the boundaries of a city of the metropolitan class and one inside a city of the primary class. The DED’s enterprise zone designations continue for ten years, and projects located in whole or in part within an enterprise zone shall receive preference for funding under the Affordable Housing Trust Fund, the Nebraska Advantage, the Job Training Cash Fund, the Site and Building Development Fund and the Business Innovation Act.
For information regarding LB 800 and a copy of the final slip law visit the Nebraska Legislature’s website.