Nebraska § 77-1120 Qualified community development entity; report to Tax Commissioner; Tax Commissioner; report to Legislature

Nebraska Statutes

§ 77-1120 — Qualified community development entity; report to Tax Commissioner; Tax Commissioner; report to Legislature

Nebraska § 77-1120

Ch. 77Revenue and Taxation

This text of Nebraska § 77-1120 (Qualified community development entity; report to Tax Commissioner; Tax Commissioner; report to Legislature) is published on Counsel Stack Legal Research, covering Nebraska primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Neb. Rev. Stat. § 77-1120 (2026).

Text

(1)A qualified community development entity that has received an allocation of qualified equity investment authority pursuant to the 2021 allocation shall submit an annual report to the Tax Commissioner on or before the last day of February following the second through seventh credit allowance dates. The annual report shall provide documentation as to the qualified community development entity's qualified low-income community investments and include all of the following:

(a)A bank statement evidencing each qualified low-income community investment;

(b)The name, location, and industry of each qualified active low-income community business receiving a qualified low-income community investment; and

(c)The number of jobs created or retained as a result of each qualified low-income communit

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(1) A qualified community development entity that has received an allocation of qualified equity investment authority pursuant to the 2021 allocation shall submit an annual report to the Tax Commissioner on or before the last day of February following the second through seventh credit allowance dates. The annual report shall provide documentation as to the qualified community development entity's qualified low-income community investments and include all of the following:
(a) A bank statement evidencing each qualified low-income community investment;
(b) The name, location, and industry of each qualified active low-income community business receiving a qualified low-income community investment; and
(c) The number of jobs created or retained as a result of each qualified low-income community investment.
(2) The Tax Commissioner shall electronically submit a report to the Legislature on or before April 1, 2022, and on or before each April 1 thereafter through April 1, 2028, with respect to the 2021 allocation. The report shall include all of the following:
(a) The name and number of all of the qualified community development entities approved to participate in the 2021 allocation;
(b) The amount of qualified low-income community investments made by the qualified community development entities;
(c) The location of each qualified active low-income community business; and
(d) The number of jobs created or retained as a result of each qualified low-income community investment.