§ 77-6303 — Qualified small business; certification; application; form; director; duties; qualification; eligibility for tax credits

Nebraska § 77-6303

• Jurisdiction: Nebraska
• Ch. 77: Revenue and Taxation

Text

(1) A business
may apply to the director for certification as a qualified small business.
The application shall be in the form and be made under the procedures specified
by the director.
(2) Within
thirty days after receiving an application for certification under this section,
the director shall certify the business as satisfying the conditions required
of a qualified small business, request additional information, or deny the
application. If the director requests additional information, the director
shall certify the business or deny the application within thirty days after
receiving the additional information. If the director neither certifies the
business nor denies the application within thirty days after receiving the
original application or within thirty days after receiving the additional
information requested, whichever is later, then the application is deemed
approved if the business meets the qualifications in subsection (3) of this
section. A business that applies for certification and is denied may reapply.
(3) To be certified,
a business shall:
(a) Have its headquarters in Nebraska;
(b) Have at least fifty-one
percent of its employees employed in Nebraska and have at least fifty-one
percent of its total payroll paid or incurred in Nebraska;
(c) Be engaged
in, or committed to engage in, innovation in Nebraska in one or more of the
following activities as its primary business activity:
(i) Using proprietary
technology to add value to a product, process, or service in a qualified high-technology
field; or
(ii) Researching, developing, or producing a proprietary product,
process, or service in a qualified high-technology field;
(d) Except
for activities listed in subdivision (3)(c) of this section, not be engaged
in political consulting, leisure, hospitality, or professional services provided
by attorneys, accountants, physicians, or health care consultants; and
(e) Have twenty-five
or fewer employees at the time the qualified investment is made.
(4) In order
for a qualified investment in a qualified small business to be eligible for
tax credits, the business shall have applied for and received certification
for the calendar year in which the qualified investment was made prior to
the date on which the qualified investment was made.

Legislative History

Source: Laws 2011, LB389, § 3.