§ 77-1108 — Qualified active low-income community business, defined

Qualified
active low-income community business has the meaning given such term in section
45D of the Internal Revenue Code of 1986, as amended, and 26 C.F.R. 1.45D-1.
A business shall be considered a qualified active low-income community business
for the duration of the qualified community development entity's investment
in, or loan to, the business if the entity reasonably expects, at the time
it makes the investment or loan, that the business will continue to satisfy
the requirements for being a qualified active low-income community business
throughout the entire period of the investment or loan. The term excludes
any business that derives or projects to derive fifteen percent or more of
its annual revenue from the rental or sale of real estate. This exclusion
does not apply to a business that is controlled by, or under common control
with, another business if the second business (1) does not derive or project
to derive fifteen percent or more of its annual revenue from the rental or
sale of real estate and (2) is the primary tenant of the real estate leased
from the first business.

Legislative History

Source: Laws 2012, LB1128, § 8.