Nebraska § 77-7012 Tax credit; application; approval; limitation

Nebraska Statutes

§ 77-7012 — Tax credit; application; approval; limitation

Nebraska § 77-7012

Ch. 77Revenue and Taxation

This text of Nebraska § 77-7012 (Tax credit; application; approval; limitation) 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. § 77-7012 (2026).

Text

(1)If the department determines that an application is complete and that the taxpayer qualifies for tax credits, the department shall approve the application within the limits set forth in this section and shall certify the amount of tax credits approved to the taxpayer.

(2)The department may approve up to one million dollars in tax credits in fiscal year 2024-25 and each fiscal year thereafter. Once credits have reached the annual limit for any fiscal year, no additional credits shall be allowed for such fiscal year. Credits shall be prorated among the credit requests received on the day the annual limit is exceeded.

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(1) If the department determines that an application is complete and that the taxpayer qualifies for tax credits, the department shall approve the application within the limits set forth in this section and shall certify the amount of tax credits approved to the taxpayer.
(2) The department may approve up to one million dollars in tax credits in fiscal year 2024-25 and each fiscal year thereafter. Once credits have reached the annual limit for any fiscal year, no additional credits shall be allowed for such fiscal year. Credits shall be prorated among the credit requests received on the day the annual limit is exceeded.

Legislative History

Source: Laws 2023, LB727, § 4; Laws 2024, LB937, § 81; Laws 2025, LB208, § 7; Laws 2025, LB650, § 55. Note: The Revisor of Statutes has pursuant to section 49-769 correlated LB208, section 7, with LB650, section 55, to reflect all amendments. Note: Changes made by LB208 became effective September 3, 2025. Changes made by LB650 became operative May 7, 2025.