June  2006      Vol. 15, No. 6  REAP HOME PAGE  A publication of the Center for Rural Affairs    
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Microenterprise Tax Credit Advantage

For calendar years beginning 1/1/06 through 12/31/10 a new Nebraska tax credit allows a business with five or fewer employees in an economically distressed community or area to qualify for a 20 percent refundable investment tax credit. The tax credit can be from an investment made to increase buildings and depreciable personal property other than vehicles and new employment (increase in compensation over compensation in tax year prior to application).

There is a lifetime limit of the tax credit of $10,000 for a business applicant and related party. More information about the Nebraska Advantage Act (LB 312) and this new microenterprise tax credit is available through your tax preparer or accountant or on the Internet at http://www.revenue.state.ne.us/incentiv/microent/microent.htm .
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