LINCOLN- The Nebraska Department of Economic Development officially began accepting applications from Nebraska businesses seeking to earn performance based tax credits per the new Urban Redevelopment Act.

Enacted in 2021, the act aims to help grow small businesses and invest in urban cores that are high in poverty and unemployment.

Eligible businesses may qualify for up to $50,000 in tax credits. These credits can be used to offset income, sales, property tax, or to reduce income tax withholding.

Qualifications include:

Payment to file the application
Located in a qualified target area
Hire five or more new full time employees
Invest $150,000 in property or invest $50,000 in the qualified property.

The state can authorize up to $8 million in tax credits, but the amount of credits earned by a business will be dependent on level of investment and amount of new employees.

For more on the Urban Redevelopment Act click HERE

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