Nebraska § 77-1032 Department of Revenue; duties; review
of projects; recapture of incentives; Nebraska Advantage Transformational
Tourism and Redevelopment Act Cash Fund; created; use; investment

Nebraska Statutes

§ 77-1032 — Department of Revenue; duties; review of projects; recapture of incentives; Nebraska Advantage Transformational Tourism and Redevelopment Act Cash Fund; created; use; investment

Nebraska·Ch. 77 Revenue and Taxation

(1)The Department of Revenue shall contract with an independent consultant to review each project under the Nebraska Advantage Transformational Tourism and Redevelopment Act every fifth year following July 15, 2010. The review shall be paid for by each project owner. The review shall examine patronage from outside the metropolitan statistical area as defined by the United States Office of Management and Budget in which the project is located, sales data, and employment records to determine the project owner's continued compliance with the provisions of the act. The project owner shall comply with the provisions of this subsection or be subject to the recapture provisions of this section. If it is determined that the project owner was not in compliance, the municipality may recapture all o

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(1) The Department
of Revenue shall contract with an independent consultant to review each project
under the Nebraska Advantage Transformational Tourism and Redevelopment Act
every fifth year following July 15, 2010. The review shall be paid for by
each project owner. The review shall examine patronage from outside the metropolitan
statistical area as defined by the United States Office of Management and
Budget in which the project is located, sales data, and employment records
to determine the project owner's continued compliance with the provisions
of the act. The project owner shall comply with the provisions of this subsection
or be subject to the recapture provisions of this section. If it is determined
that the project owner was not in compliance, the municipality may recapture
all or a portion of the incentives provided under the act.
(2) If the
taxpayer fails to meet the requirements contained in the agreement for the
project either by the end of the fourth year after the end of the year the
application was submitted or for the entire entitlement period, all or a portion
of the incentives provided under the act shall be recaptured on behalf of
the municipality.
(3) Notwithstanding any other limitations contained in the laws
of this state, collection of any taxes deemed to be underpayments by this
section shall be allowed for a period of four years after the end of the entitlement
period.
(4) Any amounts due under this section shall be recaptured notwithstanding
other allowable incentives and shall not be subsequently refunded under any
provision of the act unless the recapture was in error.
(5) The recapture
required by this section shall not occur if (a) the failure to maintain the
required levels of employment or investment was caused by an act of God or
national emergency or (b) the cost of recapture would exceed the amount to
be recaptured in the opinion of the municipality.
(6) The Nebraska Advantage Transformational
Tourism and Redevelopment Act Cash Fund is created. The fund shall be used
by the department to carry out its duties under this section. Any money in
the fund available for investment shall be invested by the state investment
officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State
Funds Investment Act.

Nebraska § 77-1032 (Department of Revenue; duties; review of projects; recapture of incentives; Nebraska Advantage Transformational Tourism and Redevelopment Act Cash Fund; created; use; investment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: Laws 2010, LB1018, § 32. Cross References: Nebraska Capital Expansion Act, see section 72-1269. Nebraska State Funds Investment Act, see section 72-1260.