The Application Period for Nebraska’s New Markets Job Growth Investment Act (for the Fiscal Year Ending on June 30, 2015) Began October 1, 2014
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 applications is $12,437,866. “Qualified Community Development Entities” that seek qualified equity investments should download the application from the Department’s website. The Department will deem any applications it received before October 1, 2014, as received on October 1, 2014.
The New Markets Job Growth Investment Act (Neb. Rev. Stat. §§ 77-1101 through 77 1119) allows individuals, corporations, estates and trusts, financial institutions, and insurance companies to claim nonrefundable nontransferable tax credits for investments in a qualified community development entity. Recipients may use the credits against income tax, the premium tax on insurance companies, or the franchise tax on financial institutions.